Insurance Expired During The Year $5

Insurance Expired During The Year $5. The company will record the payment with a debit of $12,000 to prepaid insurance and a credit of $12,000 to cash. The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000.

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Using the adjusted balances, give the closing entry for the current year. The company will record the payment with a debit of $12,000 to prepaid insurance and a credit of $12,000 to cash. Depreciation of equipment during the year, $4,950.

Journalize The Adjusting Entry Required Under Each Of The Following Alternatives For Determining The Amount Of The Adjustment:


The homeowner canceled the policy during the year. Solution 5 (a) adjusting entries a. Based on the trial balance and the additional data, prepare an adjusted trial balance dated june 30, 2012.

B)Depreciation Expense For 2010, $4.


(b) the amount of unexpired insurance applicable to. Using the adjusted balances, give the closing entry for the current year. And while claims declined, insurance company profits grew to $1.5 billion in 2016 — up nearly 60% compared to four years earlier, says.

The Balance In The Prepaid Insurance Account, Before Adjustment At The End Of The Year, Is $27,000.


• office supplies used during the year, $3,920. On service revenue $5500, wages expense $2300, supplies expense $1200 and utilities (lo 2, 5, 6, 7) expense $600. On december 1 the company pays the insurance company $12,000 for the insurance premiums covering one year.

(A) The Amount Of Unexpired Insurance Applicable To Future Periods Is $1,000;


15 d $5 ning d of record the adjusting entry for supplies remaining on hand at the end of the year equal to $3,000. • depreciation is computed as follows: A homeowner insured a house for $150,00.

Unearned Fees On July 31, $750.


Record the entry for income tax payable of $9. Insurance expired during july of $400 was omitted. The nonprofit citizen organization concluded insurers overcharged california motorists by about $5.5 billion last year.