Studying. Never stop studying, going over your work twice, and double checking.
The court which you were sentenced to go to. thats where i wrote mine to
Answer:
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
Explanation:
Given;
Insurance policy was purchased on July 10 to run for 3 years.
Cost of policy = $72,000
Start date is August 1st. As at 31 December, the policy should have been amortized for 5 months (August to December)
Monthly depreciation = $72,000/(3 × 12)
= $2,000
Total amortization between August and December = 5 × $2,000
= $10,000
Journal entries
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
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Question 7
The equation of a straight line AB is

(a) Find the gradient of line AB.
(b) Find the y-intercept of line AB.
(c) A second line PQ is parallel to the line AB and passes through a point (2, -8).
Show that the second line PQ also passes through the point(-1,-5)
