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

Author Question: Which of the following should notbe considered cash by an accountant? a. money orders b. bank ... (Read 60 times)

ssal

  • Hero Member
  • *****
  • Posts: 572
on: Jul 5, 2018
Which of the following should notbe considered cash by an accountant?
 a. money orders
  b. bank checking accounts
  c. postage stamps
  d. travelers' checks

Question 2

Sure Safe, Inc had prepaid insurance of 1,600 on January 1, 2011 from a 12-month insurance policy purchased on March 1, 2010 for 9,600. On March 1, 2011, the company bought more insurance coverage by paying 10,800 for a new one-year policy.
 
  The company's year ends on December 31, 2011 and all adjustments for the whole year are made on that date. What amount should appear on the December 31, 2011 balance sheet as prepaid insurance? What amount of insurance expense should be reported on the income statement for the year ended December 31, 2011?
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

tranoy

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

Prepaid insurance at Dec 31, 2011: 1,800 = (10,800/12) x 2
Insurance expense for the year: 10,600 = 1,600 + (10 x 900)


ssal

  • Member
  • Posts: 572
Reply 2 on: Jul 5, 2018
Excellent

frankwu0507

  • Member
  • Posts: 322
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Did you know?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

The Border Collie is considered to be one of the most intelligent breeds. The Border Collie is considered to be one of the most intelligent breeds.
Guidelines for telephone are verbal orders Guidelines for telephone are verbal orders
This portrait of Thomas Jefferson is considered an accurate likeness, painted when he was thirty-sev This portrait of Thomas Jefferson is considered an accurate likeness, painted when he was thirty-sev
Ripped Money Ripped Money
Example of Reconciling a Bank Statement Cont. Example of Reconciling a Bank Statement Cont.
The Economics of Money, Banking and Financial Markets, Business School Edition The Economics of Money, Banking and Financial Markets, Business School Edition
Video: Carbon fixing adaptations Animation

For a complete list of videos, visit our video library