1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
gizmo_the_mogwai [7]
3 years ago
11

On January 1, DogMart Company purchased a two-year liability insurance policy for $22,800 cash. The purchase was recorded to Pre

paid Insurance. Prepare the January 31 adjusting entry.
Business
2 answers:
GarryVolchara [31]3 years ago
7 0

Answer:

Adjusting Entry

Date             Accounts/ Description          Dr.        Cr.

January 31   Insurance Expenses            $950

                    Prepaid Insurance                            $950

Explanation:

On January 1 insurance purchased will be considered as the prepaid insurance and it is for 2 years ( 24 months ). On January 31 one month's insurance expense has been accrued and it should be recorded and balance for this accrual should be transferred from prepaid insurance to insurance expense account.

Insurance paid =  $22,800

Per month Insurance = $22,800 / 24 = $950 per month

Lubov Fominskaja [6]3 years ago
5 0

Answer:

insurance expense   950 debit

      prepaid insurance 950 credit

Explanation:

When the firm purcahses the insurance it acquired the right in their favor thus, it gets an assets. As times passes the policy expires therefore, the asset of the firm llose value Hence, at the end of the month we have to adjust for the expired portion of the insurance

22,800 is the value of the entire two years:

22,800 / 24 months (two years) = 950 cost per month

we decrease the prepaid insurance and recognize their expense as a result of past of time.

You might be interested in
Why did the assembly line make goods less expensive to buy?
Dafna1 [17]
Goods were able to be produced faster and more efficiently.
8 0
2 years ago
Levine Inc. is considering an investment that has an expected return of 15% and a standard deviation of 10%. What is the investm
NISA [10]

Answer:

A)0.67

Explanation:

Coefficient of variation can be regarded as the method that is usually devices in the assessment of the total risk per unit of return in a particular investment.

To calculate the investment's coefficient of variation, we use the expresion below

Coefficient of variation = standard deviation/expected return.

Given:

expected return = 15%

standard deviation = 10%.

Coefficient of variation =10/15

= 0.67

Hence, the investment's coefficient of variation is 0.67

7 0
2 years ago
transferable skills necessary for successful employment include a:basic skills b:thinking skills c:personal quality d: all of th
Ymorist [56]

The correct answer is D. All of the above

Explanation:

Skills that can be used in multiple jobs or contexts are known as transferable skills. This category of skill covers many types of skills including basic skills such as teamwork, communication or problem-solving; personal quality skills such as honesty, empathy, or ethics; and thinking skills such as making decisions or organizing information. Moreover, these are all transferable skills because it is likely an individual requires these skills despite his profession or role. For example, both a doctor and a secretary might face challenges that require them to make decisions (thinking skill), use ethics to make the best decision (personal quality), and communicate this decision to others (basic skill.)

5 0
3 years ago
Mackey believed that quality of life is a very important consideration, so much so that Whole Foods’ lobster tanks are kept at o
SpyIntel [72]

Answer:

The correct answer is letter "D": a CSR.

Explanation:

Corporate Social Responsibility (CSR) is the set of actions companies take that go beyond their regular operations to ensure consumers' satisfaction and benefit society as a whole. Taking care of their inner and outer environment is a clear example of CSR.

In particular, <em>because of the business Whole Foods is dedicated to, keeping their foods in proper conditions to facilitate the purchase of their consumers and avoid food contamination represents their CSR.</em>

5 0
3 years ago
Amir, who files single, has AGI of $58,000 and incurred the following itemized deductions this year: Union dues and work uniform
kari74 [83]

Answer:

$890

Explanation:

With respective to tax perspective, the following items are not available for deductions which are shown below:

1. Union dues and work uniforms

2. Home office expenses

3.  Unreimbursed employee expenses

The gambling losses are extent to the gambling winnings i.e $890 is available for the itemized deductions. The 2% rate is not applicable.

7 0
2 years ago
Other questions:
  • Which multimedia and interactive elements do you think would best support your viewpoint on the topic you chose for your blog? W
    11·2 answers
  • Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $30 per hour. In November the company
    10·1 answer
  • ​Lucy needs to buy a new laptop for her business, and she buys a particular brand even though it does not support the software t
    12·1 answer
  • Rubbermaid Plastics plans to purchase a rectilinear robot for pulling parts from an injection molding machine. Because of the ro
    11·1 answer
  • DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $2,840 for office equipmen
    7·1 answer
  • Cullumber Company reports the following information (in millions) during a recent year: net sales, $12,105.0; net earnings, $355
    9·1 answer
  • IT plays a major role in ensuring the accuracy of financial data. T/F
    6·1 answer
  • Beckner Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply ov
    11·1 answer
  • The buck store is considering a project that will require additional inventory of 216,000 and will increase accounts payable by
    15·1 answer
  • With crews working shifts that span 24 hours a day, what is the most important thing for Satya to keep in mind as she prepares h
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!