Answer:
Correct answer is letter B, $2,200
Explanation:
Using accrual basis method, revenue and expenses will be recognized when incurred.
The $4,800 is a 24 months policy, therefore we must compute the insurance expense applicable for the year covering from February 1 to December 31 (11 months)
An adjusting entry to recognize the expire portion of the insurance must be done at the year end in the amount of $2,200.
($4,800 / 24 months = $200 x 11 months = $2,200)
An LLC is a cross between a partnership and a corporation, because you have the flexibility of a partnership but more of the legal and financial protections that a corporation has.
A typical transition moment one could use to implement a new savings plan is when we get an increment in salary or wages.
<h3>What is a Transition moment?</h3>
A transition moment is used to described a moment between an initial state and a final state.
<h3>What is
savings plan?</h3>
A saving plan is any type of financial plan which aims to encourage saving of money or value for future use.
Hence, a typical transition moment one could use to implement a new savings plan is when we get an increment in salary or wages.
Read more about saving plan
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