A company paid $1500 cash for an insurance policy providing flood protection for a three-year period. This transaction should be recorded by which of the following entries:
A. $1500 debit to Accrued Expense and a $1500 credit to Cash.
B. $1500 debit to Unexpired Insurance and a $1500 credit to Cash.
C. $1500 debit to Withdrawals and a $1500 credit to Cash.
D. 1500 debit to Accounts Payable and a $1500 credit to Cash.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A company paid $1500 cash for an insurance policy providing flood protection for a three-year period. This transaction should be recorded ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The current market price for good y is above the equilibrium price, and then the price of a subsitute good, x, increases. the demand curve for good y shifts as a result. what is the likely outcome of the demand shift? a. the shortage decreases. b.
Answers (1)
During the period 1990-2001, U. S. imports of pasta increased from 280 million pounds in 1990 (t = 0) by an average of 35 million pounds/year. (a) Use these data to express q, the annual U. S.
Answers (1)
Professional golfers must earn a right to compete on the pga tour annually. how do professional golfers qualify for the pga tour?
Answers (1)
What is the difference between legitimate and illegitimate compulsion for enrique dussel? Does he consider both to be violence? Does he believe legitimate compulsion can be life affirming? Do you agree or disagree?
Answers (1)
The court's ruling in the landmark gebser case led to what guideline that is still applied today in determining whether there are grounds for monetary damages in sexual harassment lawsuits against employers?
Answers (1)
New Questions in Business
The journal entry to close the Fees Earned, $131, and Rent Revenue, $24, accounts during the year-end closing process would involve: A. a debit to a general revenue account B. debits to the two revenue accounts C.
Answers (1)
Which of the following statements is not true: Multiple Choice Accounts receivable are increased by billings to customers. Accounts receivable are held by a seller. Accounts receivable arise from credit sales.
Answers (1)
Tonto Company purchased property for $140,000. The property included a building, equipment and land. The building was appraised at $98,000, the land at $63,000, and the equipment at $36,000.
Answers (1)
What are the Fed's main monetary policy targets? A. The money supply and interest rates B. Taxes and government spending C. Price stability and economic growth
Answers (1)
What is one effe ya for employers to keep their skill sets current
Answers (1)