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Author Question: The type of account and normal balance of Prepaid Insurance is a. asset, credit b. asset, debit ... (Read 247 times)

SO00

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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


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tmlewis4706

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

d


SO00

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Reply #2 on: Jul 5, 2018
Thank you :)


tmlewis4706

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Reply #3 on: Jul 5, 2018
Happy to help you


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