Roundup of different opinions on “A 12 Month Insurance Policy Was Purchased” … Category: Insurance
Solved A 12-month insurance policy was purchased on Dec. 1
Question: A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. …
Question: Multiple Select Question Select all that apply A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account …
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required 1 answer · 0 votes: Explanation: The journal entry on Dec.1 would be: Prepaid insurance account debit $ 3,600 Cash account credit $3,600 At the end of the month that is …
A 12-month insurance policy was purchased on … – Brainly.com
Mar 3, 2020 — A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment.1 answer · 1 vote: Answer:c.Insurance expense would be debited for $300.
Explanation:Provided that12 month insurance policy purchased on Dec 1 = $3,600So, the adjusting …
Feb 3, 2020 — 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required adjusting journal entry on Dec. 31 by …
Mar 4, 2021 · 2 answersAnswer: On December 31 we debit Insurance Expense $400 and credit Prepaid insurance $400. Explanation: Adjusting entries are made at the end …
Exercises: Chapter 3 | Financial Accounting – Lumen Learning …
Exercise B A one-year insurance policy was purchased on August 1 for $2,400, The balance in the Prepaid Rent account is for a 12-month period that …
As each month passes, $100 is removed from the balance sheet account and Assume a three-year insurance policy was purchased on January 1, 20X1, …
Which of the following statements about the – Course Hero
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 two most common uses of prepaid expenses are rent and insurance. The company pays $24,000 in cash upfront for a 12-month insurance policy for the …
The equipment purchased on January 5 depreciated $75 during the month of January. (Figure)Reviewing insurance policies revealed that a single policy was …
Sep 10, 2021 — Premiums are normally paid a full year in advance, but in some cases, they may cover more than 12 months. When they aren’t used up or expired, …
Companies purchase insurance coverage by paying insurance premiums and record as companies may purchase it on a six-month, one-year or multiyear term. …
Prepaid insurance definition – AccountingTools
Apr 15, 2021 — In each successive month for the next twelve months, there should be a journal entry that debits the insurance expense account and credits …
Jan 31, 2015 — A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account was initially increased for the payment. …
To illustrate, suppose a company purchases a one-year insurance policy by now has an obligation to provide rental services for the next 12 months. …
164.James & Younger Corporation purchased a one-year …
Apr 5, 2021 — d.a debit to Insurance Expense and a credit to Cash for $100. 170.Hoosher Enterprises purchased an 18-month insurance policy on May 31, 2011 for 1 answer · Top answer: 164.James & Younger Corporation purchased a one-year insurance policy in January 2010 for $36,000. The insurance policy is in effect from March 2010 …
Sep 9, 2016 · 6 postsc) A 12-month insurance policy was purchased for $2400 at the beginning of the month. The balance in the prepaid insurance account is $2400. …
May 24, 2020 — The $900 balance in Insurance Expense is for a one-year policy, The rent expense account should reflect 12 months of rent. …
$2,400 insurance for 12 months means the insurance expense for each month is $200 ($2,400 / 12 = $200). 2. Determine the adjusted balance in the company’s …
Adjusting Accounts for Financial Statements – Find, Create …
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Prepaid expenses represent payments made for expenses which are not yet GVG Company acquired a six-month insurance coverage for its properties on …
Definition of Payment for Insurance A company’s property insurance, is done with an adjusting entry at the end of each accounting period (e.g. monthly). …
How to Create a Prepaid Expenses Journal Entry – Patriot …
Feb 18, 2020 — Expense $150 of the insurance with a debit. Reduce the Prepaid Expense account with a credit. Repeat the process each month until the policy is …
On 12/31, one month’s worth of insurance has expired. Step 1: Current balance = $2,400 FastForward purchased equipment on Dec 1 for $26,000. …
Advantages to purchasing a 12-month, paid-in-full policy you through your options, compare coverages and discounts, and help you through your purchase. …
If the amount in Insurance Expense is the January 31 …
1 answerInsurance Expense, 520. Months per Year, 12. Annual Insurance Premium, 6,240. Prepaid Insurance, -1,560. Total Insurance Expired, 4,680. …
Feb 24, 2021 — Are you considering a longer auto insurance policy for your vehicle? A 12-month policy can lock in your rate for a year. …
Insurance Journal Entry for Different Types of Insurance
This annual fee can be paid with a one-off payment or it can be spread over 12 monthly payments, or sometimes fortnightly. The annual payment is usually cheaper …
Apr 9, 2021 — Insurance is typically a prepaid expense, with the full premium paid in advance for a policy that covers the next 12 months of coverage. …
Although annual 12-month car insurance policies are hard to come by, The General, Infinity, and Safeco offer affordable options. …
b) Rent was paid for three months on January 1, $ 2 400 (show your work) c) A 12 month insurance (show your work) policy was purchased on January 15 for $ 1 2 0 …
i) One month’s interest on the note payable, $600, has accrued but is unrecorded. j) The Prepaid Property Insurance account has a $2,400 debit balance before …
The company usually purchases insurance to protect itself from unforeseen incidents If you pay $15,000 for 12 months of insurance, from an accounting …
Sep 27, 2019 — An analysis of the company’s insurance policies provided the following facts. Policy, Date of Purchase, Months of Coverage, Cost. A 1 answer · Top answer: Insurance Expense 7472 Prepaid Insurance 7472$9600/24 = $400 per month, then x 8 = $3200$8424/36 = $234 per month, then x 8 = $1872$7200/12 = $600 per …
coverage period runs off, the unearned premium liability is taken down. 5 For policies longer than 12 months, the time until the UPR runs off to zero …
It would be nice if all the accounts receivable generated in a month were also On February 1, Phil’s Photography purchases a one-year insurance policy …
Nov 28, 2020 — Get the detailed answer: 12/16- Your company purchased a twelve-month insurance policy for $36000 in January. What’s the entry to record the …
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