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Mademuasel [1]
3 years ago
12

The premium on a three-year insurance policy expiring on December 31, 20x11, was paid in total on January 1, 20x9. The original

payment was initially debited to a prepaid asset account. The appropriate journal entry has been recorded on December 31, 20x9. The balance in the prepaid asset account on December 31, 20x9 should be Select one: a. The same as the original payment b. The same as it would have been if the original payment had been debited initially to an expense account c. Higher than if the original payment had been debited initially to an expense account d. Zero Check
Business
1 answer:
bezimeni [28]3 years ago
5 0

Answer:

b. The same as it would have been if the original payment had been debited initially to an expense account

Explanation:

We can use an example to explain this:

original journal entry to record a 3 year insurance policy on January 1 is:

Dr Prepaid insurance 3,600

    Cr Cash 3,600

Adjusting entry on December 31

Dr Insurance expense 1,200

    Cr Prepaid insurance 1,200

balance of prepaid insurance = $3,600 - $1,200 = $2,400

If instead of recording prepaid insurance on January 1, you recorded insurance expense:

Dr Insurance expense 3,600

    Cr Cash 3,600

Adjusting entry on December 31

Dr Prepaid insurance 2,400

    Cr Insurance expense 2,400

balance of prepaid insurance = $2,400

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CaHeK987 [17]

Answer:

Compromising and collaborating are the strategies that should be used.

Explanation:

Collaboration can be understood as the procedure of two and more individuals entities, or organisations cooperating to complete a task or achieve an objective.  

Cooperation and collaboration are two terms that are often used interchangeably. Most collaborations necessitate leadership, albeit it might take the character of social governance within a decentralized and democratic organisation.

To compromise would be to reach an agreement between two or more parties in which each party relinquishes a portion of its claim. Compromise is the idea of reaching an arrangement through negotiation in a disagreement.

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3 years ago
Bauer's Supply Chain Management Student Organization provides networking opportunities and dinner meetings with hiring managers,
givi [52]

Answer:

Bauer SPO

Explanation:

  • Bauer SPO is a primer student organization of the supply chain and management at the university of Houston C.T. Bauer College of Business.
6 0
3 years ago
The reasons for using the variable-cost approach include all of the following except this approach provides the most defensible
Ber [7]

Answer:

The reasons for using the variable-cost approach include all of the following except

this approach provides the most defensible bases for justifying prices to all interested parties.

Explanation:

This is not part of the reasons for using the variable-cost approach.  But options b, c, and d are certainly the reasons why the variable-cost approach is used.  The variable-cost approach provides a differential analysis for decision-making.  It assigns overhead costs to the period in which they are incurred, while other variable costs are assigned to the merchandise produced within that period.  Thus, by excluding fixed manufacturing overhead cost, only the direct costs associated with production are used in accounting for the product's costs.

3 0
3 years ago
True or false: taking actions that carry out the company's plan is a key part of the control process.
ipn [44]

The act of taking actions that carry out the company's plan is a key part of the control process is a false statement.

<h3>What is the control process?</h3>

The control process is one that entails a carefully act of collecting information in regards to a system, process, as well as person, so as to necessary decisions about them.

Hence, The act of taking actions that carry out the company's plan is a key part of the control process is a false statement.

Learn more about control process from

brainly.com/question/14051119

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6 0
2 years ago
Establishing general ledger accounts opening balances will always be zero true or false
Inessa [10]

True, When establishing general ledger accounts opening balances will always be zero. A ledger is a full record of all transactions over the lifetime of a company. When the company is first starting out, there is a zero balance because transactions have not been put on the ledger yet. The longer the company is in business, the more transactions there will be on the ledger.

6 0
3 years ago
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