Which of the following entries records the cash prepayment of insurance for the next 12 months? (Choose correct answer choice) A. Cash, debit; Prepaid Insurance, credit B. Insurance Expense, debit; Cash, Credit C. Insurance Expense, debit; Accounts Payable, credit D. Prepaid Insurance, debit; Cash, credit

Which of the following entries records the cash prepayment of insurance for the next 12 months? (Choose correct answer choice) A. Cash, debit; Prepaid Insurance, credit B. Insurance Expense, debit; Cash, Credit C. Insurance Expense, debit; Accounts Payable, credit D. Prepaid Insurance, debit; Cash, credit

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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Q#17: Continue with Zeal Company above. Consider the $12 of interest income reported on the June bank statement as well as the following categories discussed in class for adjusting journal entries. Select the true statement below. (i) Accrued Revenue (ii) Adjustment of an existing deferred revenue (iii) Error Correcting. A. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (i) above. B. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (i) above. C. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (iii) above. D. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (ii) above. E. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (iii) above.
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need help finding the net payment and credit towards account still due invoice amount= $538.42 date of invoice= April 23 Date of payment= May 14 credit terms= 3/10,1/15, n/30 E.O.M Net price= ?
Suppose you want to estimate your transportation expenses for the year.Explain how you could use this one-month statement to make an estimate for one year of transportation expenses.
Calculator Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service. Oa. Cash, debit; Rent Expense, credit. Ob. Prepaid Rent, debit; Rent Revenue, credit. Oc. Cash, debit; Prepaid Rent, credit. Od. Cash, debit; Unearned Rent, credit.
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Write a journal entry for the following beginning balance: “accounts receivable (net of allowance of 5200) 235,884"
Question: Prepare the journal entry to replenish the fund. (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 and enter O for the amounts. Round answers to 2 decimal places, eg. 52.75. List all debit entries before credit entries.) VIEW POLIES Show Attempt History Current Attempt in Progress Sunland Airline needs to send one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Sunland issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the nployee returned the following receipts along with a report that the fund had $69.20 left in cash. Receipt Amount Description 1 $26.85 Taxi ride from airport to job site 43.50 FedEx charges for delivering plane parts 35.60 4 74.05 5 355.30…
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