CENGAGENOWV2 FOR HEINTZ/PARRY'S COLLEGE
22nd Edition
ISBN: 9781305669840
Author: Parry
Publisher: IACCENGAGE
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Chapter 5, Problem 7SEA
To determine
Analyze the given situation and indicate the correct dollar amount for the adjusting entry.
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Proper adjusting entry based on prepaid insurance account balance before adjustment $18650 and unexpired amounts per analysis of policies of $5990
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Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $13,187 and unexpired insurance
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O debit Prepaid Insurance, $13,187; credit Insurance Expense, $13,187
O debit Insurance Expense, $8,249; credit Prepaid Insurance, S8,249
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Chapter 5 Solutions
CENGAGENOWV2 FOR HEINTZ/PARRY'S COLLEGE
Ch. 5 - The matching principle in accounting requires the...Ch. 5 - Prob. 2TFCh. 5 - LO1 As part of the adjustment of supplies, an...Ch. 5 - LO1 Depreciable cost is the difference between the...Ch. 5 - LO1 The purpose of depreciation is to record the...Ch. 5 - LO1 The purpose of depreciation is to (a) spread...Ch. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - The first step in preparing a work sheet is to (a)...
Ch. 5 - On December 31, the trial balance indicates that...Ch. 5 - LO2 When posting adjusting entries to the general...Ch. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - LO5 Using the following partial work sheet...Ch. 5 - Prob. 6CECh. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - What is an assets depreciable cost?Ch. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Identify the five major column headings on a work...Ch. 5 - List the five steps taken in preparing a work...Ch. 5 - Prob. 14RQCh. 5 - Explain when revenues are recorded under the cash...Ch. 5 - Prob. 16RQCh. 5 - ADJUSTMENT FOR SUPPLIES On December 31, the trial...Ch. 5 - Prob. 2SEACh. 5 - ADJUSTMENT FOR WAGES On December 31, the trial...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On December...Ch. 5 - CALCULATION OF BOOK VALUE On June 1, 20--, a...Ch. 5 - ANALYSIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - Prob. 7SEACh. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - Prob. 11SEACh. 5 - ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK...Ch. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS...Ch. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - Prob. 17SPACh. 5 - ADJUSTMENT FOR SUPPLIES On July 31, the trial...Ch. 5 - ADJUSTMENT FOR INSURANCE On July 1, a six-month...Ch. 5 - ADJUSTMENT FOR WAGES On July 31, the trial balance...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1,...Ch. 5 - CALCULATION OF BOOK VALUE On January 1, 20--, a...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze...Ch. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - EXTENDING ADJUSTED BALANCES TO THE INCOME...Ch. 5 - Prob. 12SEBCh. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - Prob. 14SPBCh. 5 - Prob. 15SPBCh. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - CORRECTING WORK SHEET WITH ERRORS A beginning...Ch. 5 - Delia Alvarez, owner of Delias Lawn Service, wants...Ch. 5 - Prob. 1MPCh. 5 - Prob. 1CP
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- Unexpired insurance is $1,000 , how do I put that into adjustments and adjusted trial balance ?arrow_forwardWhich of the following types of adjusting entries would result in a decrease in the amount of a one-year insurance policy premium reported on the balance sheet? Select one: O a. Prepaid expense b. Accrued expense C. Accrued revenue d. Unearned revenuearrow_forwardWhich of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $19,058 and unexpired insurance of $6,169, for the fiscal year ending on April 30? Oa. debit Prepaid Insurance, $12,889; credit Insurance Expense, $12,889 Ob. debit Prepaid Insurance, S19,058; credit Insurance Expense, $19,058 Oc. debit Insurance Expense, S19,058; credit Prepaid Insurance, $19,058 Od. debit Insurance Expense, $12,889; credit Prepaid Insurance, $12,889arrow_forward
- Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $13,651 and unexpired insurance of $4,889, for the fiscal year ending on April 30?arrow_forwardWhat is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18680, and unexpired amounts per analysis of policies of $6100? O Debit Insurance Expense, $12580; Credit Prepaid Insurance, $12580. O Debit Insurance Expense, $6100; Credit Prepaid Insurance, $6100. O Debit Insurance Expense, $18680; Credit Prepaid Insurance, $18680. O Debit Prepaid Insurance, $12580; Credit Insurance Expense, $12580.arrow_forwardWhat is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18650, and unexpired amounts per analysis of policies of $5990? Debit Prepaid Insurance, $12660; Credit Insurance Expense, $12660. Debit Insurance Expense, $12660; Credit Prepaid Insurance, $12660. Debit Insurance Expense, $5990; Credit Prepaid Insurance, $5990. Debit Insurance Expense, $18650; Credit Prepaid Insurance, $18650.arrow_forward
- What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18630, and unexpired amounts per analysis of policies of $6110? A) Debit Insurance Expense, $18630; Credit Prepaid Insurance, $18630. B) Debit Insurance Expense, $12520; Credit Prepaid Insurance, $12520. C) Debit Prepaid Insurance, $12520; Credit Insurance Expense, $12520. D) Debit Insurance Expense, $6110; Credit Prepaid Insurance, $6110.arrow_forwardWhich of the following adjusting entries prepared on December 31, 2021 (without amounts and explanations) would you choose to reverse on January 1, 2022? O Dr Interest receivable; Cr Interest income O Dr Unearned service income; Cr Service income O Dr Doubtful Accounts; Cr Allowance for doubtful accounts O Dr Insurance Expense; Cr Prepaid insurancearrow_forwardJournalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: If an amount box does not require an entry, leave it blank. a. The amount of insurance expired during the year is $10,990. Insurance Expense v 10,860 x Prepaid Insurance v 10,860 X Feedback "Check My.Work b. The amount of unexpired insurance applicable to future periods is $3,470. Insurance Expense 88 Prepaid Insurance Feedback V Check My Work The unexpired amount is the ending balance to the account.arrow_forward
- 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?arrow_forwardAn examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase Life of Policy Cost September 1, 2019 4years P25,920 May 1, 2020 2years 18,960 July 31, 2020 1year 9,720 Prepaid Insurance was debited for the cost of each policy at the time of its purchase. Expired insurance was correctly recorded at the end of 2019. What is the balance of Prepaid Insurance at the end of 2020?arrow_forwardPlease help me find the Insurance cost (A43) and Total insurance (A44) for years 1 through 30. Thank you!arrow_forward
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