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Nata [24]
3 years ago
13

Albinson Company paid $96,000 for a two-year insurance policy on October 1 and recorded the $96,000 as a debit to Prepaid Insura

nce and a credit to Cash. What adjusting entry should Albinson make on December 31, the end of the accounting period (no previous adjustment has been made)
Business
1 answer:
FromTheMoon [43]3 years ago
7 0

Answer:

Debit Insurance expense    $12,000

Credit Prepaid Insurance    $12,000

Explanation:

When insurance is paid in advance, the entries required are  

Debit Prepaid Insurance

Credit Cash account

As time elapses and the insurance expires,

Debit Insurance expense

Credit Prepaid Insurance

Monthly insurance expense

= 1/24 * $96,000

= $4,000

Between October 1 and December 31 is 3 months

Total insurance expense = 3 * $4,000

= $12,000

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OLga [1]

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5 0
2 years ago
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enyata [817]

Answer:

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The net income is shown as a debit column in the Income Statement  of the end-of-period spreadsheet indicating that the credits ( revenues) are more than the debits ( expenses) and we get the balance of the income after deducting the expenses from the revenues. It is entered above the debit totals.

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Tax return 12-59 assignment
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What?






Explanation:

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