The balance in the prepaid insurance account before adjustment on December 31, 2007 is $5,000. Theamount of expired insurance is $2,000. What account should be credited in the journal (2) and for whatamount to record the adjusting entry for insurance based on this information?JOURNAL25Pagedebitdatedescriptionp.ref.CREDITAdjusting Entries(1)12/31(2)Insurance Expense $2,000Insurance Expense $3,000Prepaid Insurance $3,000Prepaid Insurance $2,000

Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Answered: The balance in the prepaid insurance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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adjusted trail balance is available as well as the required information, please record the closure entry of revenue accounts, as well as record the closure entry of expenssses acounts. Thank you.
kk. Subject :- Accounting
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The balance in the prepaid insurance account before adjustment on December 31, 2007 is $5,000. The amount of expired insurance is $2,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry for insurance based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Prepaid Insurance $3,000 Prepaid Insurance $2,000 Insurance Expense $2,000 Insurance Expense $3,000
Journalize the adjusting entries and post to the general ledger - Adjusting entries: 1. Expired insurance for the period $500 2.Accrued salary expense ( earned but not paid ) owed to Sophia LeBron,$5600. (Credit Salaries Payable. Payroll taxes are not considered in this entry. 3.Provision for uncollectible accounts estimated at 3.0% of March creadit sales,$927
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 .

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