Answer:
$18,000
Explanation:
Data provided in the question
Liability policy for 18 months = $36,000
And, the crop damage policy = $12,000 for two years
So by considering the above information, the balance in the ending prepaid insurance account is
= Liability policy ÷ number of years
= $36,000 ÷ 2 years
= $18,000
By dividing the liability policy with the number of years we can get the ending balance and the same is shown above
Which accounting principle dictates whether the cost of a repair should be expensed?
d. matching
As per matching concept, All revenues have to be recorded along with expenses incurred to earn those revenues. Thus, revenues need to be accounted.
Answer:
Corrected Entry
Depreciation Expense$5,500 Dr
Income Summary $5,500 Dr
Accumulated Depreciation – Equipment $11,000 Cr
Explanation:
Entry Posted
Accumulated Depreciation – Equipment $5,500 Dr
Income Summary $5,500 Cr
Required Entry
Depreciation Expense$5,500 Dr
Accumulated Depreciation – Equipment $5,500 Cr
Corrected Entry
Depreciation Expense$5,500 Dr
Income Summary $5,500 Dr
Accumulated Depreciation – Equipment $11,000 Cr
This entry is made to correct the actual entry done. In this entry the depreciation expense is debited and accumulated Depreciation is credited with twice the original value to counter effect the wrong entry . Also income summary is debited with the amount wrongly credited.
Based on the large shipment of big shipping boxes and making direct unloading to a train car for further transport has shown the simplification of transport as a result of:
<h3>What is Containerization?</h3>
This refers to the use of intermodal freight transport where cargoes are used in the transport of goods with the use of freights and superfreighters.
With this in mind, we can see that containerization has globally simplified the transport of products from <em>one mode of shipping</em> to another.
Read more about containerization here:
brainly.com/question/13161794
Performance measurement is the way toward gathering, breaking down as well as detailing data with respect to the execution of an individual, gathering, association, framework or segment. Business execution administration is an arrangement of execution administration and logical procedures that empowers the administration of an association's execution to accomplish at least one pre-chosen objectives.
