1) Mountaineer Excavation purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,000/month). Record the purchase of insurance.
2)Mountaineer purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,000/month). Record the adjusting entry.
December 31
3)Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0).
*Dont just say read about it and stuff I am looking for a step by step example to show me why that is the case.
Accounting HW Question Please Help with Steps and Explanation 10 Points!?
2015-02-13 9:52 pm
回答 (2)
2015-02-13 10:04 pm
✔ 最佳答案
Debit Insurance $36000 Credit Bank $36000Dec
Insurance Account Credit p/l 27000 Balance c/f 9000
these then go debit p/l 27000 insurance paid
Creditor Balance sheet $9000 Insurance prepaid
This all assumes you start from zero It also assumes you pay a year in advance
2017-03-26 7:31 am
I would recommend you to visit this web site where you can compare quotes from the best companies: http://cheap-insure.info/index.html?src=5YAttzxiSQ321
RE :Accounting HW Question Please Help with Steps and Explanation 10 Points!?
1) Mountaineer Excavation purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,000/month). Record the purchase of insurance.
2)Mountaineer purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,000/month). Record the adjusting entry.
December 31
3)Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0).
*Dont just say read about it and stuff I am looking for a step by step example to show me why that is the case.
Follow 1 answer
RE :Accounting HW Question Please Help with Steps and Explanation 10 Points!?
1) Mountaineer Excavation purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,000/month). Record the purchase of insurance.
2)Mountaineer purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,000/month). Record the adjusting entry.
December 31
3)Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0).
*Dont just say read about it and stuff I am looking for a step by step example to show me why that is the case.
Follow 1 answer
參考: I would recommend you to visit this web site where you can compare quotes from the best companies: http://cheap-insure.info/index.html?src=5YAttzxiSQ321
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