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katen-ka-za [31]
3 years ago
11

A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account was initially increased for the

payment. The required adjusting journal entry on December 31 includes a: (Check all that apply.)
Business
1 answer:
Marianna [84]3 years ago
4 0

Answer:

Credit to Prepaid insurance for $400 and Debit to Insurance expense for $400

Explanation:

The journal entry is given below:

Insurance expense ($4800 × 1 ÷ 12) $400  

       Prepaid Insurance  $400

(To record insurance expense)

Here the insurance expense is debited as it increased the expense and credited the prepaid insurance as it decreased the assets

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Vsevolod [243]

Answer:

The airport should invest a uniform amount of A=$357,958.55

Explanation:

Hi

First of all, we need to know how much will cost the land in five years so we have, F=2000000*(1+0.05)=2100000, that means that the future value of the land will be $2'100,000.

Now we can use A=\frac{F}{\frac{(1+i)^{n} -1}{i} } with F=2100000, n=5 and i=8%, so we have A=\frac{2100000}{\frac{(1+008)^{5} -1}{0.08} }=357958.55

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At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for
Shkiper50 [21]

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335.43 million gallons

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Which of the following is LEAST likely to be a reason for firms to form a cartel?
GalinKa [24]

Answer:

The correct answer is letter "C": to raise competition among firms in the cartel.

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Under such a scenario,<em> cartels are unlikely to be formed to generate more competition among the companies that compose them.</em>

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