1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
taurus [48]
3 years ago
12

Wilson company paid 6,700 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The ba

lance in the prepaid insurance account before adjustment at the end of the year is 6,700, and no adjustments had been made previously. The adjusting entry required on December 31 is:
Business
1 answer:
Angelina_Jolie [31]3 years ago
6 0

Answer:

Given that,

Total prepaid insurance = $6,700

Monthly insurance:

= Total prepaid insurance ÷ 4 months

= $6,700 ÷ 4 months

= $1,675

Insurance expense for two months:

= $6,700 - $1,675

= $5,025

Therefore, the adjusting entry required on December 31 is as follows:

Insurance expense A/c Dr. $5,025

          To Prepaid insurance           $5,025

(To record the adjusting entry for the insurance)

You might be interested in
The amount of interest you will earn in one year from a savings account is the _____.
Vitek1552 [10]
The Y in APY means yearly, the answer is APY
3 0
3 years ago
GANTT refers to the Generalized Activity Network Tracking Technique which was developed to better understand how variability in
RSB [31]

Answer:

False

Explanation:

A Gantt chart is named that way because it was originally developed by Henry Gantt. A Gantt chart represents a project schedule and it depicts the relationship between the activities that are being carried out and their schedule status. It includes the start and finish dates of the project's main activities, tasks, dependencies and milestones.

6 0
3 years ago
A client has asked for your help to set up a recurring transaction. She wants to create a recurring sales receipt. This is the p
blagie [28]

Answer:

The correct answer is letter "C": Select the type of transaction she wants to make recur.

Explanation:

QuickBooks is an online accounting tool useful for companies to have their record-keeping transactions in the cloud. QuickBooks allows access to financial information using mobile devices and provides different features among the most important having automated transactions.

To create a new automated transaction, the user must follow these steps:  Choose the Gear icon > Recurring Transactions > New > Transaction Type. Among the transaction types available we can identify billing, deposits, transfers, and purchase orders.

8 0
4 years ago
Schwartz Industry is an industrial company with 100 million shares outstanding and a market capitalization (equity value) of $4
Fudgin [204]
I have to think again about this answer. I will get back! 2.22
6 0
3 years ago
Firecracker Company has developed the following standards for one of its products. Direct materials: 15 pounds × $16 per pound D
Natasha_Volkova [10]

Answer:

(-$10,000) Unfavorable

Explanation:

Direct materials:

Quantity = 15 pounds  

Standard price = $16 per pound

Actual price = Purchase Price ÷ Purchase quantity

                    = 170,000 ÷ 10,000

                    = 17

Material price variance:

= Actual purchase quantity × (Standard price - Actual price)

= 10,000 × ($16 - $17)

= 10,000 × (-$1)

= (-$10,000) Unfavorable

7 0
3 years ago
Other questions:
  • Kei, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer info
    13·1 answer
  • Select the correct answer. What direction does the relationship between supply and price take? A. slopes upward B. parallel to t
    8·1 answer
  • The team members of the technical team in Wescrult Inc. are working on a crucial project. Their previous manager assigned respon
    14·1 answer
  • The basic purpose of imposing legal reserve requirements on commercial banks is to: A. Assure the liquidity of commercial banks
    8·1 answer
  • Which statement about ethnocentrism is most accurate?
    7·1 answer
  • In a contract, what is consideration? A. Exchanging things of value B. Breaching the contract C. A business tort D. The minimum
    9·1 answer
  • More Parts Liquidators specializes in buying excess parts inventories for resale or to incorporate into other products. They rec
    12·1 answer
  • Use the following information to answer the question: Stock’s Expected State of Probability of Return if this the Economy State
    7·1 answer
  • Joseph will start school on 9/1/14. He is expected to attend school for four years and will need to pay tuition of $50,000 on Se
    10·1 answer
  • Public transportation is an inferior good. if consumers' incomes decrease, this will cause:____.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!