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Firdavs [7]
3 years ago
10

Gibson Company paid $24,000 on June 1, 2017 for a two-year insurance policy and recorded the entire amount as Insurance Expense.

The December 31, 2017 adjusting entry is
a. No entry
b. Unearned Rent Revenue 8,000
Rent Revenue 8,000
c. Rent Revenue 8,000
Unearned Rent Revenue 8,000
d. Unearned Rent Revenue 16,000
Revenue Revenue 16,000
Business
1 answer:
Lesechka [4]3 years ago
6 0

Answer:

Dr Prepaid insurance 16000

Cr Insurance expense 16000

Explanation:

Since Gibson company already recorded the full amount of $24000 which was for 2 years and only half a year has past, so you take 24000×3/4=16000

So you need to undo your error and derecognise the 16000 because it's a prepaid expense

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Mazyrski [523]

A company that accepts responsibility for a problem and does all that society expects to solve that problem is using: an accommodative strategy.

<h3>What is a Reactive Strategy?</h3>

This refers to the type of strategy that a person uses to respond to issues when they happen.

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4 0
2 years ago
Although the rate of inflation is only 2 percent, Kayla receives a 6 percent increase in salary. She is nonetheless dissatisfied
aalyn [17]

Answer:

b. outcome fairness

Explanation:

Based on the information provided within the question it seems that Kayla is likely to contend there is a lack of outcome fairness. This term refers to the degree to which an outcome meets the standards that are met. Which is why Kayla is dissatisfied, since the salary increase should always be the same and follow a standard, which is not the case in this scenario since Bob's increase was 3% more.

4 0
3 years ago
The Smelting Department of Kiner Company has the following production and cost data for November. Production: Beginning work in
xz_007 [3.2K]

Answer:

A. 16,200

B. 11,940

Explanation:

Computation for the equivalent units of production for (a) materials and (b) conversion costs for the month of November.

A. Equivalent units of production for materials Materials

Total equivalent units= 9100 + (7100*100%)

Total equivalent units= 9100+7100

Total equivalent units= 16,200

B.Equivalent units of production for conversion costs

Total equivalent units= 9100+ (7100*40%)

Total equivalent units=9100+2840

Total equivalent units= 11,940

Therefore the equivalent units of production for (a) materials is 16,200 and (b) conversion costs for the month of November is 11,940

7 0
3 years ago
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Aleksandr [31]

Answer:

B

Explanation:

6 0
3 years ago
Give three reasons why obtaining certification makes an individual a more competent and valuable employee.
KIM [24]
1. Leads to happier employees — who stick around longer. Assisting your team in obtaining industry designations shows them you share in their desire to be the best they can be.

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3. Gives your clients greater confidence in your business.
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4 years ago
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