Unexpired insurance is shown under
WebMay 13, 2016 · Prepaid or unexpired expenses can be recorded under two methods - asset method and expense method. The accounting process under both methods is explained … WebJournalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is \ ( \$ 20,250 \); (b) the amount of unexpired insurance This problem has been solved!
Unexpired insurance is shown under
Did you know?
WebExplanation:Unexpired insurance is shown under current assets in the balance sheet of a company. Current assets are those assets that are expected to be convert… WebUnexpired insurance is an another term which is used for prepaid insurance. expenses account in profit & loss account and shown in balance sheet as current assets. These …
Webremaining unexpired insurance, $6,000 remaining unearned service revenue, $1,200 salaries owed to employees, $2,400 depreciation on property plant and equipment, $18,000 PA 14. LO 4.4 Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing account balance: Cash (assume accounts have normal balances). PA 15. WebJul 9, 2024 · Emily Maracle · Answered on Jul 09, 2024. Reviewed by Shannon Martin, Licensed Insurance Agent. “If your car insurance expires, you no longer have insurance …
WebThe expired amount will be reported as Insurance Expense on December's income statement. Joe asks Marilyn where the remaining $1,000 of unexpired insurance premium … WebJournalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is 20,250; (b) the amount of unexpired insurance applicable to …
WebInsurance on in-transit inventories, p 17,800 Yes 17 800 ... Materials 1 400 000 1,400, Advances for materials ordered 200, Goods in process 650 000 650, Unexpired insurance on inventories 60, Advertising catalogs and shipping cartons 150, Finished goods in factory 2 000 000 2,000, Finished goods in company-owned retail store, including 50% ...
WebApr 11, 2024 · If the excluded person drives a different car, be sure they are covered under that vehicle’s insurance. The rules for excluding drivers can vary by state and insurance … palmas 3d warehouseWebAug 9, 2024 · Unexpired expenses, also known as prepaid expenses, are bills your business pays in advance. Suppose you pay your rent for the year on January 1 and also buy a full year of general liability insurance. At the end of January, your landlord and your insurer still … Business accounts usually include a bad debt allowance to cover customers who … If the boot is on the other foot and you're suing someone else for damages, it … In bookkeeping-speak, escrow accounts are restricted cash. The bank that holds … Accumulated depreciation accounts are not liability accounts. Instead, you report an … sunblock pants for menWebFeb 14, 2024 · Explanation: Before adjustment at the end of the year, the balance in the prepaid insurance account is $27,000 a. The amount of insurance expired during the year is $20,250. The adjusting entry: Debit Insurance expense $20,250 Credit Prepaid insurance $20,250 b. The amount of unexpired insurance applicable to future periods is $6,750. sunblock or sunscreen for swimmingWeb1 day ago · DGGI officials have sent out summons and notices to these intermediaries in the last 15 days. At least 120 insurance intermediaries and aggregators from across the country are under scrutiny. sun block pants for womenWebDec 31, 2024 · The Prepaid Insurance account had a $7,000 debit balance at December 31, 2024, before adjusting for the costs of any expired coverage. ... An analysis of the company’s insurance policies showed that $1,220 of unexpired insurance coverage remains. The Office Supplies account had a $550 debit balance on December 31, 2016; and $2,680 of office ... sunblock permission formWebAug 31, 2024 · Underinsurance: Inadequate insurance coverage by the holder of a policy. In the event of a claim, underinsurance may result in economic losses to the policy holder, … palmar warts on handWebJournalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of unexpired insurance applicable to future periods is 8,500; (b) the amount of insurance expired during the year is 22,500. arrow_forward palmas altas wind farm