Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,505. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,505. Refer to the Chart of Accounts for exact wording of account titles.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...
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ASSETS | |
11 | Cash |
12 | Accounts Receivable |
13 | Supplies |
14 | Prepaid Insurance |
15 | Land |
16 | Equipment |
17 |
LIABILITIES | |
21 | Accounts Payable |
22 | Unearned Fees |
23 | Salaries Payable |
24 | Taxes Payable |
EQUITY | |
31 | Common Stock |
32 | Retained Earnings |
33 | Dividends |
REVENUE | |
41 | Fees Earned |
EXPENSES | |
51 | Advertising Expense |
52 | Insurance Expense |
53 | Rent Expense |
54 | Salary Expense |
55 | Supplies Expense |
56 | Utilities Expense |
57 | Depreciation Expense |
59 | Miscellaneous Expense |
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