Solution-How much was the insurance expense incurred

How much was the insurance expense incurred

Assignment Help Accounting Basics

Reference no: EM132945291

Questions - Read and analyze each transaction below, then prepare an adjusting entry.

Q1. In January 2020, a P 140,000.00 check was paid for the rental expense of fourteen months The amount was recorded in the rent expense account.

a. How much is the rent expense incurred for the year ended December 31, 2020?

b. Prepare an adjusting entry for the rent expense incurred for the year ended December 31, 2020.

Q2. On November 2019, five months of insurance amounting to P 125,000.00 were paid for the period from November 1, 2019 to March 31, 2020. The amount was debited to the insurance expense account.

a. How much was the insurance expense incurred for the year ended December 31, 2019 if there was no balance in the insurance expense account?

b. Prepare an adjusting entry of the insurance expense incurred for the year ended December 31, 2019.

Reference no: EM132945291

Questions Cloud

Real-life experience of using knowledge management : After studying this unit, how you are going to use KM in your personal and professional life. Any real-life experience of using Knowledge Management.

Write the relevant safety assessment report : Write the relevant safety assessment report. To ensure successful completion of this step, your report must include the information Existing hazards

What is the total cost of ending inventory according to fifo : What is the total cost of the ending inventory according to FIFO? The units of an item were available for sale during the year, FIFO and LIFO Costs.

Training and testing in your vocational work placement : Write down how and where they can avail of this training and testing in your vocational work placement.

How much was the insurance expense incurred : How much was the insurance expense incurred for the year ended December 31, 2019 if there was no balance in the insurance expense account

Determine the cost of goods sold on october : Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine the cost of goods sold on October 24

Identify hazards in an early childhood education : Identify hazards in an Early Childhood Education and Care service and Describe two (2) workplace procedures for hazard identification

Find what is the ending inventory balance at end of the year : Beginning inventory8 units at $51, What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method?

What is the opportunity cost for bodden truck company : What is the opportunity cost? To reduce production start-up costs, Bodden Truck Company may manufacture longer runs of the same truck.

User Account

All Pages

How much was the insurance expense incurred

Reference no: EM132945291

Reference no: EM132945291

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT