This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The balance in the Prepaid Insurance account before adjustment at the end of the year is 720, which ... (Read 28 times)

cmoore54

  • Hero Member
  • *****
  • Posts: 568
on: Jul 6, 2018
The balance in the Prepaid Insurance account before adjustment at the end of the year is 720, which represents twelve months' insurance purchased on December 1 . The adjusting entry required for the month of December, on December 31, the end of the fiscal year, is
 a. debit Insurance Expense, 60; credit Prepaid Insurance, 60.
  b. debit Insurance Expense, 660; credit Prepaid Insurance, 660.
  c. debit Prepaid Insurance, 60; credit Insurance Expense, 60.
  d. debit Prepaid Insurance, 720; credit Insurance Expense, 720.
  e. debit Insurance Expense, 60; credit Insurance Payable, 60.

Question 2

The FASB has congressional authority to set accounting policies.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

akpaschal

  • Sr. Member
  • ****
  • Posts: 342
Reply #1 on: Jul 6, 2018
Answer to Question 1

A

Answer to Question 2

T


cmoore54

  • Member
  • Posts: 568
Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

steff9894

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

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?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

20,000 year old spotted hyena painting from the Chauvet Cave, France 20,000 year old spotted hyena painting from the Chauvet Cave, France
A 100-Year Flood Map of Montpelier, Vermont A 100-Year Flood Map of Montpelier, Vermont
Early in the twentieth century, when malnutrition was common, companies such as this one advertised Early in the twentieth century, when malnutrition was common, companies such as this one advertised
Preoperative photograph of a 43-year-old Caucasian male with necrotizing fasciitis on the day of ... Preoperative photograph of a 43-year-old Caucasian male with necrotizing fasciitis on the day of ...
The year 2010 was the hottest since 1880 The year 2010 was the hottest since 1880
Erosion and Resulting Isostatic Adjustment of the Crust Erosion and Resulting Isostatic Adjustment of the Crust
Video: Structures that affect circulation - heart and systolic/diastolic BP

For a complete list of videos, visit our video library