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andre [41]
3 years ago
12

As of December 31, Plush has not recorded any insurance expense for the year. The only insurance policy it owns is the one purch

ased on July 10, a three year insurance policy for $72,000 starting on August 1st. Make a general journal entry.
Business
1 answer:
konstantin123 [22]3 years ago
7 0

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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Jason is working at Sushow Motors. The position, as originally described, involved conducting research with customers. Instead,
alexandr402 [8]

Answer: Withdrawal Cognition.

Explanation:

Jason is experiencing withdrawal cognition as he feels like quiting his current job because he is unhappy at the work place. Withdrawal cognition occurs when an employee of a company seeks to resign and leave a job because they don't derive satisfaction from that job. As in the case of Jason in the question, the job role he expected is much different from what he was assigned to carry out.

5 0
2 years ago
A company uses the cost method of accounting for treasury stock. On January 1, the company repurchases 1,000 shares of stock at
Ksivusya [100]

Answer:

The credit on December 31 is to credit Treasury Stock with $15,000.

Explanation:

There are two methods for accounting for Treasury Stock.  The first is the par value method.  With this method, the Treasury Stock account is debited or credited with the par value for each transaction, while the difference in par value is taken to the Additional Paid-in Capital account.

Using the cost method, the Treasury Stock account is debited and credited with the value of each transaction and the Additional Paid-in Capital account is not affected.

This implies that under the cost method, the purchase and resale of treasury stock is recorded by debiting and crediting the treasury stock account by the actual cost of purchase and actual value of sale.

3 0
3 years ago
I knew their support was conditional even though they seemed friendly (use unconditional)​
Firdavs [7]

Answer:

I know their support was not unconditional though they seem friends.

Explanation:

If you are the Bhutanese student then I am sure this question came in 2017 BHSEC. Best of luck.

8 0
2 years ago
At May 31, 2017, the accounts of Lopez Company show the following.
frosja888 [35]

Answer:

a. cost of goods manufactured schedule.

Direct materials                                             $62,400

Direct labor                                                    $50,000

Manufacturing overhead applied                $40,000

Add Opening work in process Inventory     $14,700

Less Closing work in process Inventory    ($15,900)

Cost of goods manufactured                       $151,200

b. income statement for May

Sales Revenue                                                                $215,000

Less Cost of Goods Sold :

Opening finished goods Inventory             $12,600

Add Cost of goods manufactured             $151,200

Less Closing finished goods Inventory     ($12,600)  ($176,400)

Gross Profit                                                                     $38,600

c.presentation of the manufacturing inventories

raw materials        $7,100

work in process $15,900

finished goods    $9,500

Total Inventory  $32,500

Explanation:

a.Cost of Goods Manufactured schedule included all the manufacturing costs incurred during production.

b.The Income statement is used to calculate gross profit as Sale less Cost of Sales.

c.The  manufacturing inventories are presented in the balance sheet in their older of liquidity starting with the least liquid category.

7 0
3 years ago
When people die, they usually own property, owe debts, and may be owed money by other people. The probate process is often requi
liq [111]

1. The personal representative of a decedent is known as an executor.

2. In a situation where the decedent does not have a valid will, the court-appointed representative who supervises the probate process is called an <u>administrator</u>.

<h3>What is the probate process?</h3>

The probate process refers to the formalized legal process followed to recognize a will and appoint the executor or administrator (as the decedent's personal representative) to administer the estate and distribute assets to the intended beneficiaries.

The executor or administrator is responsible for supervising the probate process and settling the estate of the deceased or decedent.

Thus, whereas, the personal representative of a decedent is called an <u>executor</u> with a valid will, they are known as <u>administrators</u> when the court appoints them to the office.

Learn more about administering a will at brainly.com/question/25694947

4 0
2 years ago
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