User Account

All Pages

Prepaid insurance and expenses the entire amount

Assignment Help Accounting Basics
Reference no: EM131775870

On 12/31/14, the Cheboygan Company paid $4,000 of prepaid insurance and expensed the entire amount. The policy covered the period 1/1/15 to 12/31/18.

The error was discovered on 1/10/18; the 2017 books are still open. The correcting journal entry will include what entry to 1/1/17 Retained Earnings?

Select one:

a. $3,000 debitb. $3,000 creditc. $2,000 debitd. $2,000 credite. $1,000 debit

Reference no: EM131775870

Questions Cloud

Investors in the united states : According to the author, Kim Kiyosaki, RICH WOMAN, what are 11 statistical reasons why women should become investors in the United States?
Conduct research on motivation for training in oman air : Research Topic - Motivation for training in Oman Air - devise a research project, to conduct pilot research, and to analyse your results
Defining a class permits creation of an object : C++ provides a second facility for naming a new type, class definition. Defining a class permits creation of an object, which combines a collection of data.
Continue to improve the image of public employment : Moving forward into the future, how might we as public personnel managers continue to “improve the image” of public employment?
Prepaid insurance and expenses the entire amount : the Cheboygan Company paid $4,000 of prepaid insurance and expensed the entire amount
Explain your clients decision to enter the e-commerce space : Identify general business strategies that might explain your client's decision to enter the e-commerce space with the likes of giants such as Amazon.
Discuss about the combination of the operator name : C++ permits overloading of operators with the same restrictions as for overloading of functions: each version must have a unique signature.
How would you reply to your coworker : At a recent meeting, one of your coworkers stated that "Using the right analysis tool will compensate for inexperienced managers."
Holiday trip of lifetime across the atlantic ocean : You have chartered a yacht with three friends, for the holiday trip of a lifetime across the Atlantic Ocean.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain the importance of the management discussion

Explain the importance of the management discussion and analysis section of an annual report. Discuss the disclosure requirement on accounting policies.

  Decision by a us based mnc to divest a subsidiary

Which of the following is not directly considered in the decision by a U.S.-based MNC to divest a subsidiary?

  What is the minimum quantity of dvd players

c. What is the minimum quantity of DVD players in the special order that would make it profitable?

  Delta corporations corporate charter authorizes the company

delta corporations corporate charter authorizes the company to sell 450000000 shares of 1.50 par common stock. as of

  Calculate the present worth of future cash flow

How long will this product be profitable?  All the above estimates are in constant value dollars so that inflation has been accounted for.  If the interest rate is 12%, what is the PW of this product?

  Consider the following brief descriptions

Consider the following brief descriptions of four companies, listed alphabetically, from different industries.

  Fifo method of inventory from lifo

Can Ace and Jake change to the FIFO method of inventory from LIFO? Are any ethical issues involved?

  Deferred income taxes will be reported on the balance sheet

Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2010.

  Develop a management consultancy practice

Now, assume that the firm wants to develop a management consultancy practice. (Alternatively, you may choose to add a legal services line instead.). Create a separate new matrix that summarizes the additional risk factors for this firm launching a..

  Calculate the missing costs

The following data have been extracted from the records of Puzzle, Inc.: Calculate the cost formula for mixed cost using the high-low method

  Related to the lilliput veterinary clinic

LO.7 (Cost of services rendered) The following information is related to the Lilliput Veterinary Clinic for April 2010, the ?rm's ?rst month of operation:

  The customer service department of grand lakes technologies

the customer service department of grand lakes technologies asked the publications department to prepare a brochure for

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd