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sesenic [268]
3 years ago
9

On January 1, a company purchased a five-year insurance policy for $3,300 with coverage starting immediately. If the purchase wa

s recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:_______.
a. Debit Insurance Expense. $660, credit Prepaid Insurance, $660.
b. Debit Prepaid Insurance, $660; credit Insurance Expense, $660.
c. Debit Insurance Expense, $660; credit Prepaid Insurance, $2,640.
d. Debit Prepaid Insurance, $3,300; credit Cash, $3,300.
Business
1 answer:
marissa [1.9K]3 years ago
7 0

Answer:

a. Debit Insurance Expense. $660, credit Prepaid Insurance, $660.

Explanation:

The adjusting entry is shown below:

Insurance expense Dr $660 ($3,300 ÷ 5 years)

          To Prepaid insurance

(Being the insurance expense is recorded)

here we debited the insurance expense as it increased the expense and credited the prepaid insurance as it decreased the assets

Therefore the option a is correct

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Which of the following is a typical outcome of free trade? Unrestricted international trade generally increases the overall pros
d1i1m1o1n [39]

Answer:

Unrestricted international trade generally increases the overall prosperity of poor countries.

Explanation:

According to my research on free trade agreements, I can say that based on the information provided within the question usually free trade or Unrestricted international trade generally increases the overall prosperity of poor countries. This is because it removes import and export barriers and allows for new markets to develop and an inflow of cash to come into the country. This is why free trade agreements were created even though it sometimes has an opposite effect like bad working conditions, job loss, and economic decline for some countries but these are very situational effects.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

5 0
3 years ago
Which of the following total cost functions suggests the presence of a natural​ monopoly?
monitta

Answer: B. TC​ = 50​ + 20Q

Explanation:

A Natural Monopoly is generally associated with a firm that has very high initial fixed costs. These costs are generally related to the use of high scale technology or machinery to operate effectively.

Some examples include, gas pipelines, electricity grids, and the like.

They act as both a deterrent for companies to join the market as well as to exit.

Option B shows the typical Total Cost function of a Natural Monopoly and reflects the high initial costs as well.

8 0
4 years ago
If you carry over a balance in your credit card from one billing period to the next when will interest charged begin on a new pu
fiasKO [112]

Answer:

Think answer will be 'c'..

6 0
3 years ago
Owner made no investments in the business, and no dividends were paid during the year. Owner made no investments in the business
oksian1 [2.3K]

Answer:

scenario 1

owner made no investment in the business and no dividend were paid during the year,<em> there may be no income or net loss incurred by the business. there is no decrease or increase in equity.</em>

scenario 2

owner made no investments in the business but dividend were $700 cash per month, <em>the net income earned during the year equal $700*12 = $8,400.</em>  <em>There is no changes in equity</em>

scenario 3

No dividend were paid during the year but owner invested an additional $45,000 cash in exchange for common stock.  <em>There will be increase in equity by $45,000 but net income or net loss cannot be determined</em>

scenario 4

Dividend were $700 cash per month and the owner invested additional $35,000 cash in exchange for common stock.  <em>The net Income earned will $8,400 while $35,000 will added to equity as additional capital.</em>

Explanation:

5 0
3 years ago
Consider a school district with I neighborhoods, J schools, and G grades at each school. Each school j has a capacity of Cig for
ale4655 [162]

Answer:

The linear program will be :

Σ j∈J Xijg = Sig        ∀ i∈I g∈G

               Σ i∈I Xijg = Cjg        ∀ i∈j g∈G

                  X ≥ 0

Explanation:

To formulate a linear programming problem whose objective is to assign all students to schools, while minimizing the total distance traveled by all students,  we need to consider and let Let xi jg be the amount of students from neighborhood i of grade g travelling to school j.

Then for an assignment of students to schools, the total distance travelled by all students would be given as :

Σ       Σ        Σ          dij Xijg

i∈I    j∈J     g∈G

Thus, for a feasible assignment, every student of every neighborhood and grade must be assigned to a school which then gives the constraint

Σ  . Xijg = Sig ∀ i∈I , g∈G

j∈J

Consequentially, the number of students each school can take in respective grades is bounded by Cjg,

thus

Σ  . Xijg = Cjg ∀ i∈I , g∈G

i∈I

Finally there can be no negative numbers of assignments: x ≥ 0. This then gives the  following linear program:

min  = Σ       Σ        Σ          dij Xijg

         i∈I    j∈J     g∈G

Subject to

               Σ j∈J Xijg = Sig        ∀ i∈I g∈G

               Σ i∈I Xijg = Cjg        ∀ i∈j g∈G

                  X ≥ 0

8 0
4 years ago
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