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3 years ago

What is the adjusting journal entry to update the Prepaid Insurance account?

Business

1 answer:

muminat3 years ago

5 0

Answer:

the correct journal entry to be recorded when the prepaid insurance payment is realized is,

A) Debit Insurance Expense

Credit Prepaid Insurance

Explanation:

prepaid insurance is an asset to the company, which means that we have paid in advance. because of this, when we pay it in advance, the entry will be

"prepaid insurance debit

money/bank credit"

this asset was created because the payment we made for the insurance does not belong to this accounting time period and it belongs to the next accounting period. matching concept is the underlying concept behind this.

once we reach the next time period, the prepaid expense becomes a actual cost and the asset is decreased.

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Gymtastic was able to serve large crowds of customers and then adjust operations to serve very few customers thanks to their com

Rasek [7]

Gymtastic was able to serve large crowds of customers and then adjust operations to serve very few customers thanks to their competitive capability related to flexibility.

Explanation:

Flexibility can be seen as somewhat a set of capabilities and as a means of competition within a specific environment, with very little consequence for time, commitment, costs or efficiency.

For both, product development and manufacturing approaches to be established, it is important to differentiate between the need to be agile and the demand need to be addressed, or the consumer value extracted from it.

Competitive capabilities have been described as the actual performance of a plant compared to its competitors, with consistency, availability, versatility and costs the most widely discussed capabilities.

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3 years ago

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of diff

Ne4ueva [31]

Answer:

The answer is: B

Explanation:

Multicultural marketing is a strategy used to tailor marketing content to one or more sub-sets of a specific ethnic group. This strategy capitalises on the different aspects of an ethnic groups identity including: the languages, traditions, religious associations and so on. This is done so as to be more effective in communicating and persuading the audience in an authentic manner. It is an adaptive marketing strategy that demonstrates appreciation of various cultures.

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3 years ago

The direct labor standards for a particular product are 4 hours of direct labor at $12.00 per direct labor-hour = $48.00. During

Nikolay [14]

Answer:

Instructions are below.

Explanation:

Giving the following information:

The direct labor standards for a particular product are 4 hours of direct labor at $12.00 per direct labor-hour

Actual:

3,350 units of this product were made

The labor cost incurred was $159,786 and 13,450 direct labor-hours were worked.

To calculate the direct labor efficiency and rate variance, we need to use the following formulas:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Standard quantity= 4*3,350= 13,400

Direct labor time (efficiency) variance= (13,400 - 13,450)*12

Direct labor time (efficiency) variance= $600 unfavorable

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Actual rate= 159,786/13,450= $11.88

Direct labor rate variance= (12 - 11.88)*13,450

Direct labor rate variance= $1,614 favorable

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4 years ago

At the end of its first month of operations, Michael's Consulting Services reported net income of $27,400. They also had account

Leviafan [203]

Answer:

$32,800

Explanation:

The computation of the ending balance in the owner capital account is shown below:

= Net income reported + total investment for the first month

= $27,400 + $5,400

= $32,800

We simply added the net income and the total investment reported during the month so that the ending balance in the owner capital account could arrive

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3 years ago

True or false? the only thing marketing cannot sell is a viewpoint or idea?

kaheart [24]

Answer:

False 2. Marketing, in the literal sense, means selling or advertising.

Explanation:

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2 years ago