Business

Business, 16.07.2019 22:00, pedroramirezr2

Reid company pays for insurance policies in advance, recording the expenditure to prepaid insurance. the balance in the prepaid insurance account at the beginning and end of the year was $1,000 and $1,200, respectively. insurance expense during this period totaled $10,000. using this information, what is the total cash paid for insurance during the period?

answer

Answers: 1

Show answers

Similar questions

Предмет

Business, 22.06.2019 03:00, jayzeptor

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

Answers: 3

Предмет

Business, 22.06.2019 11:10, nadinealonzo6121

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.

Answers: 1

Предмет

Business, 28.06.2019 05:20, marxusalexander6552

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

Answers: 1

Предмет

Business, 19.07.2019 11:00, cmessick03

What is the proper adjusting entry at december 31, the end of the accounting period, if the balance in the prepaid insurance account is $7,750 before adjustment, and the unexpired amount per analysis of policies is, $3,250? a. debit insurance expense, $3,250; credit prepaid insurance, $3,250. b. debit insurance expense, $4,500; credit prepaid insurance, $4,500. c. debit prepaid insurance, $4,500; credit insurance expense, $4,500. d. debit insurance expense, $7,750; credit prepaid insurance, $7,750. e. debit cash, $7,750; credit prepaid insurance, $7,750?

Answers: 1

Do you know the correct answer?

Reid company pays for insurance policies in advance, recording the expenditure to prepaid insurance....

Questions in other subjects:

Konu

English, 16.11.2020 19:10

Who all dies in all the harry potters...

Konu

Social Studies, 16.11.2020 19:10

Why did China prosper under the Han dynasty? Select the two correct answers. A. Life was more peaceful than during the Warring States period. B. New crops developed drew additiona...

Konu

English, 16.11.2020 19:10

Characterize Ulrich interlopers e9...

Konu

Physics, 16.11.2020 19:20

Two objects with the same mass move with the same speed but in opposite directions. Compare their kinetic energies. A. Kinetic energies are equal. B. Kinetic e...

Konu

Mathematics, 16.11.2020 19:20

How would you draw x<5...

Konu

English, 16.11.2020 19:20

Prefix dis- chose an definition of the word disenfranchised...

Konu

Mathematics, 16.11.2020 19:20

What is the measure of <1?Justify two ways you know the measure of <2.

Konu

Chemistry, 16.11.2020 19:20

The frequency of a wave shows the height of a wave. AGREE, DISAGREE, AND JUSTIFY...

Konu

Business, 16.11.2020 19:20

"Genericide" applies to...

Konu

Mathematics, 16.11.2020 19:20

What’s the answer to the inequality? Will give brainliest! ...

Other tasks in the category: Business More task