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Ivenika [448]
3 years ago
14

Hoffman, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adj

ustments is as follows:
Debit Credit
Cash $11,120
Accounts Receivable 9,820
Supplies 1,500
Prepaid Insurance 2,720
Equipment 21,000
Accumulated Depreciation: Equipment $8,400
Unearned Service Revenue 7,500
Capital Stock 6,200
Retained Earnings 24,400
Dividends 1,760
Service Revenue Earned 13,110
Salaries Expense 8,800
Utilities Expense 590
Rent Expense 2,300
$59,610 $59,610
On March 1, Hoffman paid in advance for four months' insurance. The necessary adjusting entry at March 31 includes which of the following?

a. A debit to Prepaid Insurance for $2,040.
b. A debit to Prepaid Insurance for $680.
c. A credit to Prepaid Insurance for $2,040.
d. A credit to Prepaid Insurance for $680.
Business
1 answer:
xenn [34]3 years ago
8 0

Answer:

d. A credit to Prepaid Insurance for $680.

Explanation:

The computation of the prepaid insurance is shown below:

Given that

Four month prepaid insurance = $2,720

For one month, the prepaid insurance is

= $2,720 ÷ 4 months

= $680

Since we have to record the prepaid expenses for 1 month, we divided the total prepaid insurance by the 4 months due to that it decreases by $680 and that's why we credited this account

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The normal balance of the accumulated depreciation account is a debit. <br> a. true <br> b. false
kramer

Answer: The normal balance of the accumulated depreciation account is a credit balance. Therefor the statement is false.

Explanation: The accumulated depreciation account holds a credit balance in the company's balance sheet . It is the contra asset account. The accumulated depreciation states  assets wear and tear and the assets useful life. when an assets are sold or put out of the use the accumulated depreciation will be reversed. It is a kind if an expenses.  The accumulated depreciation is used to calculate assets in the book value. Accumulated depreciation can never exceeds the assets cost.

Depreciation is recorded in income and expenditure account.  

Learn more about Accumulated  Depreciation

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In the middle of the fourteenth century, an epidemic known as the Black Death killed a third of Europe’s population, about 34 mi
9966 [12]

Answer:

The black death epidemic resulted to death about 34 million European, left more job vacant. This was becuase many workers died while the jobs the were working on as at that time remained almost unchanged. The remained workers after the black death demanded for rise in wages, although the lords stood against the demand.

Explanation:

Although worker population decreased because of the plague, the amount of land and the tools did not change much. Some farm animals died when the people who took care of them died. Because the remaining workers had more tools and land to work, they became more productive, producing more goods and services. When workers are more productive, employers are willing to pay higher wages. The Statute of Laborers and similar laws in other countries were not very effective. Some lords avoided violating the statute by making “in kind” pay-ments—paying workers with food or other goods rather than wages—or providing other “fringe benefi ts.” Some lords began to pay illegally high wages. Wages increased because there were fewer workers—labor had become more scarce

8 0
3 years ago
Imagine you must fire an employee. What effect might the dismissal have on remaining employees? Explain how you would tell the e
Tanya [424]

Answer:

Well, it may cause workplace related stress if the remaining employees are forced to take on the fired employees workload, it may harm workplace moral due to losing a co-worker, but it may also encourage workers to work harder, fearing they may too lose their own job, but be cautious, this may also cause employees to start looking for new jobs, and you can lose skilled labor. if the employee was a burden, employees may be happier with their work environment.

Explanation:

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If the same patient has an office visit and the charge is 120.00. the patient has met the annual deductible. if medicare allows
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In this case, as long as the patient has met their annual deductable and out of pocket max, they will not have to pay for the visit themselves. Their insurance will take over and pay for the service. Since Medicare allows $95 for the service, they will post $95 as paid to the patients account.

5 0
3 years ago
Read 2 more answers
During her womanhood ceremony, Dasheena Cochise spends 4 days being tested and ultimately being renamed and remade as a member o
lara [203]

Answer:

The statement that is not true of this ceremony is:

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Explanation:

The focus of this communal rite of passage is not the individual but the community because during the rite, the sense of the individual is replaced by the sense of the community.  It instils in the initiates a sense that they are no longer individuals but members of the community with some rights and privileges.  Community values are communicated through a sophisticated system of beliefs and practices that affirm sacred cycles.

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