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KengaRu [80]
2 years ago
10

The prepaid insurance account had a beginning balance of $4,500 and was debited for $16,600 of premiums paid during the year. Jo

urnalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $5,600. Refer to the Chart of Accounts for exact wording of account titles.
Business
2 answers:
trasher [3.6K]2 years ago
8 0

Answer:

prepaid expense 15,500 debit

prepaid insurance 15,500 credit

Explanation:

<em>The amount of unexpired insurance will be the ending balance of the account</em>

4,500 debit

+ 16,600 premium paid

+/- adjustment

5,600 ending

4,500 + 16,600 - 5,600 = 15,500

MAVERICK [17]2 years ago
7 0

Answer:

                                                                                       $                   $

Prepaid Insurance (Beginning)                                   4,500

Insurance Premium Paid                                            16,600

                    Insurances Expired                                                    15,500

                    Prepaid Insurance (Ending)                                        5,600

Explanation:

The amount of unexpired insurance related to future periods is $5,600 which will be the closing balance of this Account

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Why is the relational approach to leadership useful for leading sustainability in an organisation? Please indicate 3 reasons.
Alisiya [41]

Answer:

The understanding including its context has been explained throughout the explanation segment elsewhere here.

Explanation:

  • The relational leadership style wants to replicate the understanding that organizational culture ultimately resulted from those throughout the actions including its exemplary entrepreneur with either the perspective that leadership moves away from relations between people, gatherings.
  • Relational leadership acknowledges that perhaps the performance of the connections clients construct seems to be the surprise to relevance and success.
  • This methodology takes time to build as well as accomplish the goals of organizations, requirements, standards of practices, and so much more. Relational leadership could sometimes be extremely successful, especially whether it is accurate, caring, and compassionate, strengthened by hand movements of companionship but instead embodied mostly in the cultural values of an organization.
4 0
3 years ago
Terrance has just signed a contract with a bank to get a loan to buy a new house. What is TRUE about this contract? A. Both the
borishaifa [10]

Answer: C. Both parties now have an obligation to their agreement.

Explanation:

When parties get into a contract, they have a legal obligation to each other to fulfill their part of the agreement or the other party will be able to seek redress in a court of law.

Terrance and the bank are now parties to an agreement to provide Terrence with a loan to buy a house. The bank will have to fulfill this obligation by giving Terrence the loan and Terrence will fulfill his side of the agreement by making payments as stipulated in the loan covenant.

5 0
3 years ago
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded
Sedaia [141]

Journal entries

Dr Allowance for uncollectible account $41,000

Cr Account Receivable $41,000

Dr Account receivable $3,600

Cr Allowance for uncollectible account $3,600

Dr Cash $3,600

Cr Account receivable $3,600

5 0
3 years ago
The marketing researcher for a game company is conducting an experiment to test customer reaction to the pricing of a new game d
SSSSS [86.1K]

Answer:

The correct option is D) The design of the study suffers from selection bias.

Explanation:

In research, Selection Bias occurs when the researcher decides who the respondents are or those who are being evaluated or studied.

Every research ought to be designed in such a way that the respondents are selected at random.

In the information provided, the respondents were selected from a group of people who on a balance of probability were already inclined to decline because it was a list of dissatisfied customers. The chances of them declining to respond or responding with a negative were higher than the chances of them indicating that they would buy and this defeats the purpose of the research. The research ought to have also included a sample of respondents who didn't have the product, who had enjoyed the services of the company and were content, those who didn't even know what the product did until they got the survey.

That way holistic information can be obtained from the research about how different sets of people will react and not just those who are already dissatisfied with the company's product(s).

Some of the ways to avoid selection bias in research are:

  • To employ the use of random techniques selecting sample sets from populations.
  • To check that the traits or characteristics of the larger population are well represented in the samples selected

Cheers

4 0
2 years ago
Wooten &amp; McMahon Enterprises produces a product with the following per-unit costs: Direct materials $13.00 Direct labor 8.80
vichka [17]

Answer:

COGS= $31,597.5

Explanation:

Giving the following information:

Direct materials $13.00

Direct labor 8.80

Manufacturing overhead 16.50

Last year, Wooten & McMahon Enterprises produced and sold 825 units

First, we need to calculate the cost of goods manufactured:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 0 + 13 + 8.8 + 16.5 - 0= $38.3

Total cost of goods manufactured= 825*38.3= $31,597.5

Now, we can calculate the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 0 + 31,597.5 - 0= $31,597.5

8 0
2 years ago
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