« previous next »

Author Question: Collins Co uses the cash basis of accounting. Collins Co prepays cash in April for insurance that ... (Read 98 times)

HudsonKB16

  • Hero Member
  • *****
  • Posts: 535
on: Jul 6, 2018
Collins Co uses the cash basis of accounting. Collins Co prepays cash in April for insurance that covers only the month of May. Which of the following is true?
 a. Collins Co. should record the Insurance Expense in April.
   b. Collins Co. should record the Insurance Expense in May.
   c. Collins Co. should record the payment of cash in May.
   d. None of the answers listed.

Question 2

Additional information helpful to the analysis of accounts receivable and the allowance account is provided in the schedule of .
 
  What will be an ideal response?


Jordin Calloway

  • Sr. Member
  • ****
  • Posts: 334
Reply #1 on: Jul 6, 2018
Answer to Question 1

a

Answer to Question 2

valuation and qualifying accounts


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

The chromosomal basis of independent assortment. The chromosomal basis of independent assortment.
Mechanisms of Penile Erection and Basis for Pharmacological Treatment of Erectile Dysfunction Mechanisms of Penile Erection and Basis for Pharmacological Treatment of Erectile Dysfunction
Cellular basis of life. Cellular basis of life.
Cost Accounting: A Managerial Emphasis 16th Edition Cost Accounting: A Managerial Emphasis 16th Edition
The basis of modified dihybrid F2 phenotypic ratios The basis of modified dihybrid F2 phenotypic ratios
April 17, 2023 April 17, 2023
Video: Structures that affect circulation - arterioles and vasomotor responses and venous return

For a complete list of videos, visit our video library