Debited insurance expense, Accounting Basics

+44 141 628 6080
[email protected]

Debited insurance expense

On July 1 2011 you bought an insurance policy for 4 years in advance for $2400, you debited prepaid insurance. You forgot to adjust as of December 31, 2011.

A. What is the correcting entry as of 2012, assuming the books are closed for 2011?

B. Use the same information given above except on July 1, 2011 you debited insurance expense for $2400.

What is the correcting entry in 2012 assuming the books in 2011 are closed?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Debited insurance expense

Reference No:- TGS039376

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Credited rent revenue

On Oct 1, 2011 you received rent in advance of $12,000 for 3 years. You credited rent revenue.

Q : Draw labeled graph to explain the shutdown decision

Draw a completely labeled graph to help you explain the shutdown decision. You should show two graphs in your answer, one for the market as a whole, and one for this store in particular.

Q : Determine ending inventory under a perpetual inventory sys

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal plac

Q : Determine level at which firm maximizes its total profit

A firm has the following revenue and cost functions. Determine the level at which the firm maximizes its total profit (hint: use marginal revenue=marginal cost rule)

Q : Debited insurance expense

Use the same information given above except on July 1, 2011 you debited insurance expense for $2400.

Q : How much to gain to just offset the cost of carry

Then sell the proceeds for delivery forward at F dollars per pound at the end of the period, at which time you payoff your loan: How much should you gain in order to just offset your cost of carry?

Q : Compute the basic eps and diluted eps

Compute the basic EPS and diluted EPS for Ramon Inc. for 2006.

Q : Taxation pertinent to the role of an accountant

The subject is about taxation pertinent to the role of an accountant in chosen area of interest. Although the topic areas are fairly open-ended, it is expected that each paper will have theoretical underpinnings, as well as practical implications.

Q : How price increase help or hurt tobacco industry profits

An estimated 80 percent increase in retail price of cigarettes is necessary to cause a 30 percent drop in the number of cigarettes sold. Would Such a price increase help or hurt tobacco industry profits?

1946334

Questions
Asked

3,689

Active Tutors

1454150

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Debited insurance expense

Reference No:- TGS039376

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Credited rent revenue

Q : Draw labeled graph to explain the shutdown decision

Q : Determine ending inventory under a perpetual inventory sys

Q : Determine level at which firm maximizes its total profit

Q : Debited insurance expense

Q : How much to gain to just offset the cost of carry

Q : Compute the basic eps and diluted eps

Q : Taxation pertinent to the role of an accountant

Q : How price increase help or hurt tobacco industry profits

How do you define being an adult

Discuss children diagnosed with developmental disabilities

Examine historical literature to the most current period

Identify a true statement about validity

Identify a specific theory of cognitive or moral development

Problem regarding the america youth and social media

Discuss three ethical guidelines that are important

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Debited insurance expense

Reference No:- TGS039376

Recent Questions Asked Accounting Basics

Q : Credited rent revenue

Q : Draw labeled graph to explain the shutdown decision

Q : Determine ending inventory under a perpetual inventory sys

Q : Determine level at which firm maximizes its total profit

Q : Debited insurance expense

Q : How much to gain to just offset the cost of carry

Q : Compute the basic eps and diluted eps

Q : Taxation pertinent to the role of an accountant

Q : How price increase help or hurt tobacco industry profits

Asked Questions