a. A two-year insurance premium of $6,200 was paid on January 1, 2021, for coverage beginning on that date. As of December 31, 2021, the unadjusted balances were $6,200 for Prepaid Insurance and $0 for Insurance Expense. b. At December 31, 2021, you obtained the following data relating to supplies. Unadjusted balance in Supplies on December 31 Unadjusted balance in Supplies Expense on December 31 Supplies on hand, counted on December 31 Required: $ 10,000 62,000 6,000 1. Of the $6,200 paid for insurance, what amount should be reported on the 2021 income statement as Insurance Expense? What amount should be reported on the December 31, 2021, balance sheet as Prepaid Insurance? 2. What amount should be reported on the 2021 income statement as Supplies Expense? What amount should be reported on the December 31, 2021, balance sheet as Supplies? 3. Indicate the accounting equation effects of the adjustment required for (a) insurance and (b) supplies. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Indicate the accounting equation effects of the adjustment required for (a) insurance and (b) supplies. (Enter any decreases to Assets, Liabilities, or Stockholders' Equit sign.) Transaction Assets a. Prepaid Insurance b. Supplies Liabilities Stockholders' Equity Insurance Expense Supplies Expense < Required 2 Required 3>

Under M. Sabio Company’s accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial reports, M Sabio makes monthly estimated charges to insurance expenses with credits to prepaid insurance. Additional information for the year ended December 31, 2019 are as follows: Prepaid Insurance at December 31, 2018 P120,500 Charges to insurance expense during 2019( including a year- End adjustment of P10,500) 437,500 Prepaid Insurance at December 31, 2019 110,000 What was the total amount of insurance premiums paid by M. Sabio during 2019? P448,000 P427,000 P327,500 P437,500

Requlred Information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019. c. Calculate the amount of prepald Insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy. Prepaid insurance

Rates and insurance outstanding at 31 December 2019 was GHC 675. However, at 31 December 2020, rates and insurance was palid in excess of GHC 425. The receipts and payment account showed a payment of GHC 2,300 in respect of rates and insurance. How much should reflect in the income and expenditure account?

The premium on a three-year insurance policy expiring on December 31, 2022 was paid in total on January 1, 2020. The original payment was initially debited to a prepaid asset account. The appropriate adjusting entry had been recorded on December 31, 2020. The balance in prepaid asset account on December 31, 2020 should be a. The same as it would have been if the original payment had been debited initially to an expense account. b. Zero c. Higher that if the original payment had been debited initially to an expense account. d. The same as the original payment.

A one year insurance premium of $4,400 was paid on October 1, 2021 by the Cool Company, for coverage beginning on that date. As of December 31, 2021, the unadjusted balances were $4,400 for Prepaid Insurance and $0 for Insurance Expense. What amount should be reported on the 2021 Balance Sheet as Prepaid Insurance?

Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service toMedicare patients.b. Expected contractual adjustments with Medicare, a third-party payor, are $2,500,000; and an allowance for contractual adjustments account is used by Stoney Heights.c. Medicare cleared charges of $5,000,000 with payments of $2,160,000 and total contractual allowances of $2,840,000 ($2,500,000 + $340,000).d. Interim payments received fromMedicare amounted to $250,000.e. The hospital made a lump-sum payment back toMedicare of $100,000.1. Record the transactions in the general journal.2. Calculate the amount of net patient service revenues.3. What is the net cash flow from transactions withMedicare?4. What adjustments must be made at year-end to settle up with Medicare and properly report the net patient service revenues after this settlement?

please answer correct with full explanation computation formula with steps The premium on a three-year insurance policy expiring on December 31, year 3, was paid in total on January 1, year 1. The original payment was initially debited to a prepaid asset account. The appropriate journal entry has been recorded on December 31, year 1. The balance in the prepaid asset account on December 31, year 1, should be O Zero. O The same as the original payment. O The same as it would have been if the original payment had been debited initially to an expense account. O Higher than if the original payment had been debited initially to an expense account.

Under Edelbert company’s accounting system, all insurance premiums paid are debited to prepaid insurance. Information for the year ended December 31, 2018 is as follows:Prepaid Insurance on January 1 200,000Charge to insurance expense 880,000Prepaid insurance on December 31 240,000What was the amount of insurance premium paid in 2018?

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?