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
Two types of costs that each combine fixed cost and variable cost behaviors are: a. capacity and incremental costs. b. semi-fixe
tensa zangetsu [6.8K]

Answer: Option B

Explanation: Semi variable cost or semi fixed cost are the expenses which are composed of both fixed and variable cost. In such type of costs, the nature of the cost remains fixed till a certain level of production or consumption  and becomes variable when the production level exceeds that stage.

For example :- A state charge its residents a fixed amount of electricity bill till 300 units of consumption and after 300 units the residents must pay $1 for every additional unit consumed.

7 0
4 years ago
what are some things that allow people to communicate without having to be in the same area (economics)
uranmaximum [27]

Explanation:

Science has made huge progress in every field. If we talk about the ways of communication between people who are not in the same area, it was considered insane few years back; but now this is a reality that people who are not at the same place can communicate with each other just like they are sitting in front of each other.

There are different methods or ways through which people who are not at the same place can communication easily.

The most simplest and conventional method is the use of Telephone. But now, with the progress in Technology and with the use of Internet, there are a lot of communication devices that uses different apps to talk to each other. They are used to talk either through the audio or with the Video as well. Using your mobile phone, or laptops, or other communication gadgets, you can even see the other person while talking to him. So Telephones, Telegraphs, Internet, Cell phones, etc are used to communication without having to be in the same area.

3 0
3 years ago
The simple interest rate is 7% per year. if james deposits 10,000 at the end of 18 months coursehero
monitta

Deposit (PV): $10,000

Years between the 18th month and the fifth year (n) = 3.5

(I)=7% yearly interest rate

Simple interest approach accumulated value equals P*(1+(i*n)).

=1000*(1+(7%*3.5))

=1245

Thus, the total value at the end of five years will be $1245.

Compound interest method accumulated value equals P*(1+i)n

=1000*(1+7%)^3.5

=1267.19

Therefore, the total value after five years will be $1267.19.

Learn more about simple interest here ;

brainly.com/question/25845758

#SPJ4

4 0
2 years ago
A problem is listed below. Identify its type. A certain company has purchased new swivel chairs for its employees. The company m
DochEvi [55]

Answer:

it is 12.8%

Explanation:

cause it is

8 0
3 years ago
According to 54 leadership experts of 38 countries, there are two key components to leadership. The first is the ability to pers
aev [14]

Answer: Enablers

Explanation:

Years ago, 54 leadership experts from 38 countries reached a consensus on leadership.

They agreed that leadership should be about influencing, motivating, and enabling others to contribute towards the goals of the Organization that they work for.

This consensus had 2 parts.

Firstly, leaders motivate others through persuasion and otherinfluence tactics.

Secondly and relatively more important in this question, leaders act as ENABLERS.

They ENABLE those under them by distributing resources, minimizing disruptions and just generally by being leaders to their subordinates to make it easier for the goals and objectives of the company to be realized.

3 0
4 years ago
Other questions:
  • ​Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the compar
    13·1 answer
  • Which of the following exams helps you get into the US army?
    11·2 answers
  • (a) how much more output does the $18 trillion u.s. economy produce when gdp increases by 1.0 percent? instructions: enter your
    15·1 answer
  • Ten years ago you put $150000.00 into an interest earning account. Today it's worth $275000. What is the effective annual intere
    5·1 answer
  • On October 25, 1989, Mina Loy sent a letter to Carl Van Vechten which said, "I hereby offer to hire you to paint my house for $4
    11·1 answer
  • TONI&GUY is a global hairdressing and education business headquartered in England. It has recently opened salons in Mongolia
    15·1 answer
  • Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2018. Gross receipts were $300,000. The following e
    13·1 answer
  • Elaine serves as a consultant about human resource matters to various areas of the business at her company. She works closely wi
    11·1 answer
  • Match the following intangible assets to their definitions by writing the respective alphabet (A-E) on the line.
    12·1 answer
  • What problems might face a company that focuses mainly on its most profitable customers?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!