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
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

You might be interested in
Choose the correct statement.
Kamila [148]

Answer:

The correct answer is D. Choices that are the best for more than one person are said to be in the social interest.

Explanation:

The social interest is a concept sufficiently clarified in Company Law. The Capital Companies Law refers to it in terms of challenging social agreements: if an agreement is not in accordance with the corporate interest, it can be challenged. It is only negatively contested, that is, if the plaintiff can argue that the agreement is contrary to the social interest, so that it is not a validity requirement that the agreement be in accordance with the social interest. Likewise, if the administrators act against the social interest when they exercise their discretionary powers, they incur responsibility for violation of their duty of loyalty.

3 0
3 years ago
Which of the following functions of marketing involves sorting products according to their size and quality, helping to reduce t
sladkih [1.3K]

Answer:

b. The standardization and grading function

Explanation:

Based on the information provided within the question it can be said that the function of marketing that does this is the standardization and grading function. This helps the customers with buying and selling of goods by sample or description. In other words by sorting them by a specific size and quality so that customers already understand what it is and do not have to bother with a detailed assessment.

7 0
3 years ago
Time management and world view college success
Stolb23 [73]

Explanation:

As most students discover, college is not the same as high school. For many students, college is the first time they are “on their own” in an environment filled with opportunity. And while this can be exciting, you may find that social opportunities conflict with academic expectations. For example, a free day before an exam, if not wisely spent, can spell trouble for doing well on the exam. It is easy to fall behind when there are so many choices and freedoms.

One of the main goals of a college education is learning how to learn. In this chapter we zoom in on learning how to skillfully manage your time. To be successful in college, it’s imperative to be able to effectively manage your time.

In the following Alleyoop Advice video, Alleyoop (Angel Aquino) discusses what many students discover about college: there is a lot of free time—and just as many challenges to balance free time with study time

7 0
3 years ago
Read 2 more answers
Do you think scientific management made business more successful
Sati [7]
<span>Scientific management has evidently made business operations and efficiencies far more successful in their strategies and processes, due to the ability to quantify specific data sets and analyze this information to understand how best to implement a more effective and growing strategy.</span>
5 0
3 years ago
Read 2 more answers
Write a paragraph (5-8 sentences) that compares and contrasts grants, scholarships, and loans. Be sure to include the pros and c
daser333 [38]

Answer:

he lets talk on here pls

Explanation:

8 0
3 years ago
Other questions:
  • Without uttering a word, an audience can be quieted by holding up the palm of your hand to calm a noisy crowd. this is the nonve
    13·1 answer
  • Whats the importance of an organized workstation
    15·2 answers
  • Which of the following is a common type of MSD?
    15·2 answers
  • 1. Under the system of awarding damages for bodily injury, death, or damage to property based upon the negligence of a driver, v
    14·1 answer
  • Ralone Corp. manufactures printers. When it launched a new line of laser printers, it also introduced laser toners. None of the
    9·1 answer
  • CPA-79690 (F-09-04: Transactions and Events: Part 2)The city of Curtain had the following interfund transactions during the mont
    13·1 answer
  • When the market rate is 10%, a company issues $60,000 of 12%, 10-year bonds dated January 1, 2017, that mature on December 31, 2
    13·1 answer
  • Crane Company on January 1, 2018, granted stock options for 63000 shares of its $10 par value common stock to its key employees.
    15·1 answer
  • PLEASE HELP!<br> Question: Give an example of a patent in business.
    10·2 answers
  • What remarketing audiences cannot be defined by default?.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!