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 246 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?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Salt and water balance in water-breathers. Salt and water balance in water-breathers.
Do you know how kangaroos balance their body Do you know how kangaroos balance their body
Induration measurement in a tuberculin skin test, a type IV hypersensitivity. Induration measurement in a tuberculin skin test, a type IV hypersensitivity.
Diagram of the heart showing normal conduction pathway. Diagram of the heart showing normal conduction pathway.
MRI scans of normal elderly person compared to one with Alzheimer's MRI scans of normal elderly person compared to one with Alzheimer's
Video: Power Supply Polyacrylamide Gel Protein Sample

For a complete list of videos, visit our video library