I need assistance findout out the amount of this expense. I tried putting $1,200 and it was incorrect. I also tried $200. Please assist. Ty! One month of liability insurance has expired as of February 29, 2024. Recall that on 02/01/2024, $ 1,200 was paid in advance for six months of liability insurance, and the entire amount was recorded as an expense. Adjust as appropriate.

On May 1, 2019, a two-year insurance policy was purchased for P24,000 with coverage effective immediately. What is the amount of insurance expense that appears on the income statement for the year ended December 31, 2019?

On November 1, 2019, C Laguna Company paid P36,000 to renew its insurance policy for 3 years. On December 31, 2019, C. Laguna’s unadjusted trial balance showed a balance of P900 for prepaid insurance and P44,100 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in C. Laguna’s December 31, 2019 financial statements? Prepaid InsuranceP34,900 Insurance Expense P10,100 Prepaid InsuranceP33,000 Insurance Expense P12,000 Prepaid InsuranceP34,000 Insurance Expense P12,000 Prepaid InsuranceP34,000 Insurance Expense P11,000

At December 31, 2022, before any year-end adjustments, Blossom Company Prepaid Insurance account had a balance of $6840. It was determined that $3070 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be: O $6840. O $3770. O $3070. O $3300.

Hawkies Inc. has an October 31 fiscal year. On August 1, 2020 Hawkies Inc. paid $ 72000 for insurance coverage from August 1, 2020 to July 31, 2021. Calculate prepaid insurance as at October 31, 2020. Round your answer to the nearest dollar. Your Answer:

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

Maple Tree Inc. purchased a 12-month insurance policy on March 1, 2019 for $900. At December 31, 2019, the adjusting journal entry to record expiration of this asset will include a: o Debit to Insurance Expense and a credit to Prepaid Insurance for $900 o Debit to Prepaid Insurance and a credit to Insurance Expense for $100 o Debit to Insurance Expense and a credit to Prepaid Insurance for $75 o None of the above

On July 1, 2022, Damlen Jurado Company pays $12.000 to its insurance company for a 2-year insurance pollicy. Prepare the necessary journal entries for Damlen Jurado on July 1 and December 31. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles ond enter O for the amounts. Record Journal entriles in the order presented in the problem)

Mr. Pitt has relented and agrees to provide you with the information necessary to converthis cash basis financial statements to accrual basis statements. He provides you with the following transactioninformation for the fiscal year ending December 31, 2018:1. A new comprehensive insurance policy requires an annual payment of $12,000 for the upcoming year. Coverage began on September 1, 2018, at which time the first payment was made.2. Mr. Pitt allows customers to pay using a credit card. At the end of the current year, various credit card companies owed Mr. Pitt $6,500. At the end of last year, customer credit card charges outstanding were $5,000.3. Employees are paid once a month, on the 10th of the month following the work period. Cash disbursementsto employees were $8,200 and $7,200 for January 10, 2019, and January 10, 2018, respectively.4. Utility bills outstanding totaled $1,200 at the end of 2018 and $900 at the end of 2017.5. A physical count of inventory is always taken at the…

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?