Do a journal entry to account for insurance expense incurred in the month of December. Date the journal entry for December 31, 2019. If the insurance was paid on december 10 in the amount of $636 and runs through May 31st. How do I record this in Journal entry?
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journal entry to account for insurance expense incurred in the month of December. Date the journal entry for December 31, 2019. - If the insurance was paid on december 10 in the amount of $636 and runs through May 31st. How do I record this in Journal entry?
Journal Entry is a record of a transaction in accounting system
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- Transaction 1 The 100 employees of NAM JEWELS LIMITED are each entitled to 5 working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At 31 December 2019 the average unused entitlement is 2 days per employee. The entity expects, on the basis of experience that is expected to continue, that 92 employees will take no more than five days of paid sick leave in 2020 and that the remaining 8 will take an average an of six and a half days each. In December 2020 to restructure its workforce (which was immediately communicated) in such a way that all employees of the age of 55, but below the age of 60 at the reporting date, could retire immediately should they choose to do so. Employees of 60 years and older, up to 65 years at the statement of financial position date, will be forced to retire…Prepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali payment as Unearned Insurance PremiumsPrepare the individual account of H. Potter in the debtors ledger of Dumbledore (15) Magic World for May 2019.
- Pina Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,576,000 Fair value of plan assets 4,576,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $604,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $149,000 $170,000 Prior service cost amortization 90,000 Contributions (funding) to the plan 198,000 184,000 Benefits paid 220,000 282,000 Actual return on plan assets 255,000 352,000 Expected rate of return on assets 6 % 8 %Recorded an adjusting journal entry for the portion of insurance coverageThe following information is related to White Co.’s pension plan: Required:a. Explain why White Co. has pension liability at the beginning and the end of the year!b. Compute the pension expense for 2019 and 2020!c. Prepare the journal entries for both years and explain the journal that you make!
- Find the amount of accounts receivables written off in 2019.What is the accounts receivable balance at December 31, 2019?Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries. The company prepares annual adjusting entries. - In the prior year TBTI had paid the entire year’s insurance policy upfront which expired as of December 31, 2020. The insurance premium for 2021 is $5,600. TBTI renewed and paid half the 2021 insurance premium on December 21, 2020. what would the journal entry be like?
- Pass the necessary journal entry and post them to ledger accounts 2020 – Mr. X commenced business and have furnished the following-Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31,2022E. Assuming the company closets it's books on December 31, prepare the journal entres for 12/31/2019 and 1/1/2020