1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nonamiya [84]
3 years ago
9

A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be:____________. (If an

amount box does not require an entry, leave it blank.) Dec. 31 i. Accounts Payable ii. Cash iii. Insurance Expense iv. Insurance Payable v. Prepaid Insurance
Business
1 answer:
Luda [366]3 years ago
5 0

Answer:

Adjusting Journal Entry:

Debit Insurance Expense $1,400

Credit Prepaid Insurance $1,400

To record the insurance expense for the year (7 months).

Explanation:  

This adjustment will cause the Prepaid Insurance account to remain $1,000.  This balance represents the insurance cost for 5 months having deducted the insurance cost for 7 months from June 1 to December 31.  So, in line with the accrual concept and the matching principle of generally accepted accounting principles, only $1,400 Insurance was incurred for the current year.  The balance will be charged to the account when the service is consumed.

You might be interested in
you are working to finish an assigned task in order to meet your ship goal when the co-workers and ask you for your help with so
Allushta [10]

The best thing that I can do is to work in my task while giving instructions to my co worker on what to do in regard to the thing he or she needs help on. The least thing I can do is not to help someone who is in need as I know in the future I may need one's help too.

4 0
3 years ago
Read 2 more answers
Zeta, Inc., a calendar year taxpayer, suffers a casualty loss of $45,000. Zeta recovered insurance of $30,000. How much of the c
mezya [45]

Answer:

$15,000

Explanation:

Calculation to determine How much of the casualty loss will be a tax deduction to Zeta, Inc.

Using this formula

Casualty loss tax deduction=Casualty loss-Insurance recovered

Let plug in the formula

Casualty loss tax deduction=$45,000-$30,000

Casualty loss tax deduction=$15,000

Therefore the amount of the casualty loss that will be a tax deduction to Zeta, Inc. is $15,000

3 0
3 years ago
According to the law of increasing opportunity cost, as a society _________ more and more of a certain good, further production
Effectus [21]

Answer:

produces  

increases

trade-offs

Explanation:

The law of increasing opportunity cost states that when firms decide to make additional units of a certain product by reallocating resources, they do that at a higher opportunity cost than the previous production. The major traceable reason for this is inefficiency in resource reallocation.

This increase in opportunity cost is associated with increasing and increasing trade-off.

4 0
3 years ago
Suppose that there is a welfare program with an income guarantee of $6000 and a benefit reduction rate of 50 percent. In the abs
STatiana [176]

Answer:

Draw the person's budget constraint with the income guarantee

5 0
3 years ago
Creative and innovative
klio [65]

A creative innovation is bringing about something unique and different.

<h3>What is creativity?</h3>

Creativity is the ability to imagine something unique or new that have not been in existence.

It could also be a modification to what have been existing before.

Therefore, A creative innovation is bringing about something unique and different.

Learn more on creativity here,

brainly.com/question/19171885

#SPJ1

5 0
2 years ago
Other questions:
  • ___________ is the ability of a product to satisfy a customer
    15·2 answers
  • Ashton's gross pay is 82,000. He receives tax credits of 2,000. He pays total taxes of 4,500. What are his taxable and disposabl
    9·2 answers
  • Under the Texas penal code
    14·1 answer
  • Which of the following is NOT a factor of production?
    11·2 answers
  • What is one action an employer can take to lower wage levels?
    12·1 answer
  • The Keynesian link between the money market and the goods and services market is __________. Changes in the money market must af
    11·1 answer
  • Firms with a(n) _________________ orientation spend little on marketing research and planning, target customers indiscriminately
    5·1 answer
  • To increase sales of its low-fat pizzas in its established market, Dietizza is offering discounts on all its pizzas. According t
    12·1 answer
  • 2. The owner of a franchise benefits from brand name recognition, access to professional
    10·1 answer
  • On July 27, 2018, shareholders of the Walt Disney Company and 21st Century Fox agreed to a $71.3 billion purchase plan that gave
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!