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 adjusting entry to record accrued revenue a. differs from the journal entry to record revenue on account. b. includes a debit to a revenue account. c. includes a credit to an asset account. d.
Answers (1)
You want to retire exactly 35 years from today with $2,020,000 in your retirement account. If you think you can earn an interest rate of 10.35 percent compounded monthly, how much must you deposit each month to fund your retirement?
Answers (1)
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $127,500, and it estimates that 5% will be uncollectible.
Answers (1)
What are the 7 steps in the decision making process
Answers (1)
What is speculative risk?
Answers (1)
New Questions in Business
Greensaver Corp. is a company that sells electricity. Greensaver has taken the initiative to generate more power from solar and wind sources and is planting saplings in parks and on roadsides to combat the polluting effects of nonrenewable resources.
Answers (1)
Suppose your starting salary is $70,000 per year. You deposit 10% each year in a savings account that earns 6% interest. Your salary increases by 5% per year, and inflation is 3% per year.
Answers (1)
Demand for devil's food whipped-cream layer cake at a local pastry shop can be approximated using a Poisson distribution with a mean of six per day. The manager estimates it costs $9 to prepare each cake. Fresh cakes sell for $12.
Answers (1)
Place in order the events in the evolution of the Solow growth model. Start by clicking the first item in the sequence or dragging it here The Solow growth model was developed in 1956.
Answers (1)
Read the following except from a warranty. What time period is this warranty for? "This warranty is given by XYZ motors. The Zoom car is guaranteed to be free of defects for 30,000 miles or three years, whichever is reached first.
Answers (1)