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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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Answer:

sales

Explanation:

Based on the scenario being described within the question it can be said that Michael has most likely adopted the sales orientation. This term refers to a business approach that focuses on mainly persuading individual customers to purchase the company's product as opposed to understanding the customer's needs or marketing to a larger audience.

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A researcher examining the effects of an experimental surgery on epilepsy randomly assigns epileptic patients to three different
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The answer to this question is the "WAIT-LIST CONTROL". When a  researcher is examining the effects of an experimental surgery on epilepsy randomly assigns epileptic patients to three different conditions. The first condition is that the participants receive the surgery. The second condition is that the patients receive the medication while third condition, the patients receive the surgery one month after the other group of patients. The third group of patients who need to wait for another one month is in the WAIT-LIST CONTROL and can only be accommodated after the other group is done.
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3 years ago
When a business cycle enters a trough of a recession or depression, the federal government can use _______ and ________ to offse
Korolek [52]

Answer: Monetary and fiscal policies

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These two can be explained as follows :-

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7 0
3 years ago
Cromwell manufactures specialty electronic circuitry through a unique photo-electronic process. One of the primary products, Mod
WARRIOR [948]

Answer:

the  labor rate variance and labor efficiency variance is $2,000 favorable and $3,500 unfavorable

Explanation:

The computation of the labor rate variance and labor efficiency variance is given below;

For Labor rate variance

= $12,000 - (2000 × 7)

= $2000 F    

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3 years ago
Baxter Company's merchandise inventory at the start of 2014 was $85,000. The company purchased inventory during 2014 in the amou
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Answer:

$306,000

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= $85,000 + $323,000 - $102,000

= $306,000

Basically we have applied the above formula to find out the cost of goods sold

7 0
3 years ago
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