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krek1111 [17]
3 years ago
12

A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment.

14- Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below Click the answer you think is right.
a.Prepaid insurance would be credited for $3,600.
b.Cash would be credited for $3,600.
c.Insurance expense would be debited for $300.
d.Insurance expense would be debited for $3,600.
Business
1 answer:
arsen [322]3 years ago
4 0

Answer:

c.Insurance expense would be debited for $300.

Explanation:

Provided that

12 month insurance policy purchased on Dec 1 = $3,600

So, the adjusting entry on Dec 31 would be

Insurance expense A/c Dr $300

          To Prepaid Insurance $300

(Being insurance expense is recorded)

The computation is

= $3,600 ÷ 12 months

= 300

As we have to compute for 1 month so we recorded $300 insurance expense

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Answer:

$5,000

Explanation:

The depreciation by Green Company in respect of truck for the first year of operations shall be calculated using the following mentioned formula;

Depreciation for the year=  (Cost of asset-Residual value)/useful life

Cost of asset=$30,000

Residual value=$5,000

useful life=5

Depreciation for the year=($30,000-$5,000)/5=$5,000

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Explanation:

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<h3>What is self managed team?</h3>

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