Base Company purchased a one-year insurance policy on March 1 for $8,100. The policy coverage started on the date of purchase. Which of the following adjusting entries should be recorded on December 31 assuming the company only makes adjustments to prepaid insurance at the end of the year? a.No entry is required. b.Debit Insurance Expense for $8,100 and credit Prepaid Insurance for $8,100 c.Debit Insurance Expense for $6,750 and credit Prepaid Insurance for $6,750 d.Debit Insurance Expense for $6,075 and credit Prepaid Insurance for $6,075

Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $22,500. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $18,000. If an amount box does not require an entry, leave it blank. 88 b. The amount of unexpired insurance applicable to future periods is $4,500. If an amount box does not require an entry, leave it blank.

On July 1, 2020, Wilson Co. pays $16,140 to Anderson Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Anderson Insurance Co. Anderson uses the accounts Unearned Service Revenue and Service Revenue.

Smokey Company purchases a 1-year insurance policy on July 1 for $10,824. The adjusting entry on December 31 is

Please help with a and b

1. An insurance policy, good for one year, was purchased on April 1, 2020 and has a valueof $25,000.a) Write the journal entry to record the original purchase of the insurance policy onApril 1.b) Write the adjusting journal entry required on April 31, 2020 to reflect the use of onemonth of the insurance service. What, concerning Insurance, would appear on theBalance Sheet? What would appear on the Income Statement?c) Write the adjusting journal entry required on May 31, 2020 to reflect the use of onemore month of the insurance service. What, concerning Insurance, would appear onthe Balance Sheet? What would appear on the Income Statement?

Adjustment for Insurance On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet)Prepaid Insurance   fill in the blank a8cfc50a8015fe0_2   fill in the blank a8cfc50a8015fe0_4 Bal. fill in the blank a8cfc50a8015fe0_5     (Income Statement)Insurance Expense Adj. fill in the blank a8cfc50a8015fe0_6       Page:     DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 20--Dec. 31       fill in the blank 59564e01b03df92_2 fill in the blank 59564e01b03df92_3 1 2         fill in the blank 59564e01b03df92_5 fill in the blank 59564e01b03df92_6 2

Wilson Company paid $6,300 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $6,300, and no adjustments had been made previously. The adjusting entry required on December 31 is: Multiple Choice O O O Debit Prepaid Insurance, $1,575; credit Insurance Expense, $1,575. Debit Cash, $6,300; Credit Prepaid Insurance, $6,300. Debit Prepaid Insurance, $3,150; credit Insurance Expense, $3,150. O Debit Insurance Expense, $1,575; credit Prepaid Insurance, $1,575. Debit Insurance Expense, $3,150; credit Prepaid Insurance, $3,150.

zmo Company purchased a 1-year insurance policy on October 1 for $4,560. Journalize the adjusting entry on December 31. If an amount box does not require an entry, leave it blank. December 31 Insurance Expense Prepaid Insurance X X X 8 X

Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,910. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $16,650. If an amount box does not require an entry, leave it blank. b. The amount of unexpired insurance applicable to future periods is $5,260. If an amount box does not require an entry, leave it blank. Σ .