Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1) Record payment of one-year insurance premium of 3,000 on March 1 by using the horizontal model or prepare down the journal entry.

2) Illustrate the amount of insurance premium “used” that month by using the horizontal model or prepare down the adjusting entry which will be made at the end of every month.

3) Compute the amount of prepaid insurance which must be reported on 31st of August balance sheet with respect to this policy.

4) If premium had been 6000 for the 2yr period, how must the prepaid amount at August 31 of the 1st year is reported on balance sheet?

5) describe why are prepaid expenses reflected as the asset instead of being recorded as the expense in the accounting period in which the item is paid?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M910156

Have any Question? 


Related Questions in Accounting Basics

Unconventional and growing inccrazy craig cravath is a

UNCONVENTIONAL AND GROWING, INC. "Crazy" Craig Cravath is a somewhat eccentric yet enthusiastic businessman who believes in the social responsibility of business. Incidentally, he is also interested in making enough mone ...

Auditing and ethical practice and auditing and ethics

Auditing and Ethical Practice and Auditing and Ethics Assessment Task The object of this assignment is to assist students to develop critical analysis skills in relation to auditor independence and issues in accepting au ...

Background of projectthe industry of medical devices

Background of Project The industry of medical devices involves a number of monitoring and reconstructive devices. Some of those devices include cardiac and diabetic care as well as hip and knee replacements. The owners o ...

Q1 in each of the following independent situations

Q1: In each of the following independent situations, determine how much should be included in Burton's gross estate less than 2042 as to the various life insurance policies involved. Assume that none of the policies are ...

Kent cpa is a staff auditor participating in the audit

Kent, CPA is a staff auditor participating in the audit engagement of Fort, Inc. Based upon each of the circumstances below, indicate whether or not Kent's actions impair his independence. Explain your response for each ...

Discussionaccounting irregularities please respond to the

Discussion "Accounting Irregularities" Please respond to the following: • Imagine that you were auditing accounts receivable balances to confirm sales and found significant discrepancies between the recorded account bala ...

Question 1 owners of business firms are the only people who

Question 1 Owners of business firms are the only people who need accounting information. Question 2  Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote oper ...

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

Guidelines for literature critiquesstudents are require to

Guidelines for Literature Critiques Students are require to read and understand assigned article. Students must submit a critique of assigned academic article. Please follow the format to complete your assignment. Detail ...

Assignment question 1 -impulse pty ltd impulse is an

Assignment Question 1 - Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro