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

Author Question: The type of account and normal balance of Prepaid Insurance is a. asset, credit b. asset, debit ... (Read 89 times)

SO00

  • Hero Member
  • *****
  • Posts: 568
on: Jul 5, 2018
The type of account and normal balance of Prepaid Insurance is
 a. asset, credit
  b. asset, debit
  c. contra asset, credit
  d. contra asset, debit

Question 2

A city uses the allowance method to provide for uncollectible property taxes. At the start of the year, the city established an allowance of 100,000 for uncollectible taxes. During the year, it wrote off 80,000 as uncollectible.
 
  At year-end, the city still has some uncollected taxes, but believes it will need an allowance of only 15,000 to cover any receivables that it may need to write off as uncollectible. What adjusting entry should it make?
   a. Revenues - property taxes 5,000 Allowance for uncollectible property taxes 5,000
   b. Revenues - property taxes 15,000
   Allowance for uncollectible property taxes 15,000
   c. Allowance for uncollectible property taxes 15,000
   Property taxes receivable 15,000
   d. Allowance for uncollectible property taxes 5,000
   Revenues - property taxes 5,000


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

tmlewis4706

  • Sr. Member
  • ****
  • Posts: 295
Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

d


SO00

  • Hero Member
  • *****
  • Posts: 568
Reply #2 on: Jul 5, 2018
Thank you :)


tmlewis4706

  • Sr. Member
  • ****
  • Posts: 295
Reply #3 on: Jul 5, 2018
Happy to help you


« previous next »
 

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Listening to Normal Speech or Its Prosodic Components Functional MRI scans were made while subjects Listening to Normal Speech or Its Prosodic Components Functional MRI scans were made while subjects
Johannes Vermeer, Woman Holding a Balance. Johannes Vermeer, Woman Holding a Balance.
Pressure drop after 10 minutes on a normal port fuel-injection system. Pressure drop after 10 minutes on a normal port fuel-injection system.
Fluid Balance during Exercise Fluid Balance during Exercise
Electrolyte Balance Electrolyte Balance
The time at which the mailman delivers the mail to Ace Bike Shop follows a normal distribution ... The time at which the mailman delivers the mail to Ace Bike Shop follows a normal distribution ...
Video: Simple Diffusion - gases and nonpolar compounds transport

For a complete list of videos, visit our video library