This topic contains a solution. Click here to go to the answer

Author Question: The balance in the Prepaid Insurance account before adjustment at the end of the year is 720, which ... (Read 13 times)

cmoore54

  • Hero Member
  • *****
  • Posts: 568
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
Answer to Question 1

A

Answer to Question 2

T




cmoore54

  • Member
  • Posts: 568
Reply 2 on: Jul 6, 2018
Wow, this really help


deja

  • Member
  • Posts: 332
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Oliver Wendell Holmes is credited with introducing the words "anesthesia" and "anesthetic" into the English language in 1846.

Did you know?

When blood is deoxygenated and flowing back to the heart through the veins, it is dark reddish-blue in color. Blood in the arteries that is oxygenated and flowing out to the body is bright red. Whereas arterial blood comes out in spurts, venous blood flows.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

For a complete list of videos, visit our video library