subject
Business, 17.03.2020 22:32 carlosbs71

Harrod Company paid $6,200 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $6,200, and no adjustments had been made previously. The adjusting entry required on December 31 is:Debit Prepaid Insurance, $2,400; credit Insurance Expense, $2,400.
(a) Debit Cash, $4,800; Credit Prepaid Insurance, $4,800.
(b) Debit Insurance Expense, $1,200; credit Prepaid Insurance, $1,200.
(c) Debit Prepaid Insurance, $1,200; credit Insurance Expense, $1,200.
(d) Debit Insurance Expense, $2,400; credit Prepaid Insurance, $2,400.

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 21.06.2019 14:00, thestuckone
Identifying type and normal balances of accounts lo c4 for each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (dr.) or credit (cr.) to identify the kind of entry that would increase the account balance.
Answers: 1
image
Business, 22.06.2019 04:10, maddylaugh
Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.
Answers: 1
image
Business, 22.06.2019 09:40, nessross1018
Salt corporation's contribution margin ratio is 78% and its fixed monthly expenses are $30,000. assume that the company's sales for may are expected to be $89,000. required: estimate the company's net operating income for may, assuming that the fixed monthly expenses do not change.
Answers: 1
image
Business, 22.06.2019 11:00, samwamooo
Specialization—the division of labor—enhances productivity and efficiency by a) allowing workers to take advantage of existing differences in their abilities and skills. b) avoiding the time loss involved in shifting from one production task to another. c) allowing workers to develop skills by working on one, or a limited number, of tasks. d)all of the means identified in the other answers.
Answers: 2
You know the right answer?
Harrod Company paid $6,200 for a 4-month insurance premium in advance on November 1, with coverage b...

Questions in other subjects:

Konu
Mathematics, 13.02.2021 02:30
Konu
Mathematics, 13.02.2021 02:30