Proper adjusting entry based on prepaid insurance account balance before adjustment $18650 and unexpired amounts per analysis of policies of $5990
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- Prepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali payment as Unearned Insurance Premiumsassume that we report the reinsurance company amount of recoverable claims 35000, expected amount 28000, assume that also the balance of recoverable provision for outstanding claims a-28000 b-25000 c- 30000 what is the adjusting entryAn examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase Life of Policy Cost September 1, 2019 4years P25,920 May 1, 2020 2years 18,960 July 31, 2020 1year 9,720 Prepaid Insurance was debited for the cost of each policy at the time of its purchase. Expired insurance was correctly recorded at the end of 2019. What is the balance of Prepaid Insurance at the end of 2020?
- ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Amount of insurance expired (used) is 830. 2. Amount of unexpired (remaining) insurance is 340.The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of Please include solutions. Thank you!9. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of:
- Adjusting journal entry December 31 2021: Dr. Insurance Expense 24000 Cr. Pre-Paid Insurance 24000 If the beginning balance in prepaid insurance was 1500 and 30,000 was recorded in the balance sheet for an insurance premium during the year, what is the ending balance in pre-paid insurance after the adjusting entry?gnment/takeAssignmentMain.do/ Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $13,187 and unexpired insurance of $4,938, for the fiscal year ending on April 30? O debit Prepaid Insurance, $8,249; credit Insurance Expense, $8,249 O debit Insurance Expense, $13,187; credit Prepaid Insurance, $13,187 O debit Prepaid Insurance, $13,187; credit Insurance Expense, $13,187 O debit Insurance Expense, $8,249; credit Prepaid Insurance, S8,249 Previous Next 明 837 PM 38 (?^ 3/8/2021UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
- UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.Rates and insurance outstanding at 31 December 2019 was GHC 675. However, at 31 December 2020, rates and insurance was palid in excess of GHC 425. The receipts and payment account showed a payment of GHC 2,300 in respect of rates and insurance. How much should reflect in the income and expenditure account?Which of the following adjusting entries prepared on December 31, 2021 (without amounts and explanations) would you choose to reverse on January 1, 2022? O Dr Interest receivable; Cr Interest income O Dr Unearned service income; Cr Service income O Dr Doubtful Accounts; Cr Allowance for doubtful accounts O Dr Insurance Expense; Cr Prepaid insurance
