A company makes the payment of a one-year insurance premium of $4,584 on March 1, 2019.   c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy.

Q: 44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers…

A: a)

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Q: On April 1 2019, a company paid insurance premium of P340,000 covering a period of two years…

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Q: On January 1, 2019, Adams Company had a balance in prepaid insurance of $8,000. On December 31, 2019…

A: Formula: Ending balance of prepaid insurance = Beginning balance of prepaid insurance + Cash paid…

Q: Requlred Information [The following Information applies to the questions displayed below.] A company…

A: The premium of $8,496 is paid on March 1, 2019 for two years, i.e. from March 1, 2019 to February…

Q: Renfro Company purchased a 12-month insurance policy on March 1, 2022 for $1,800. At March 31, 2022,…

A: At the time of recording prepaid insurance, Prepaid insurance should be recorded. At the period end…

Q: Paid 1/1/20 Coverage period 1/1/20—12/31/20 $3,500 Fire, storm, and other casualty insurance:…

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A: Compute the insurance expense for one month:

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Q: On 1/4/2021, Europa Insurance Limited entered into an insurance contract with a customer who paid…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: how is the 12/31 amount $3,350

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Q: AAA Insurance Company issues one year, motor/vehicle insurance for a total premium of P15,000. If…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: c. On September 1, 2019, North Dakota Manufacturing paid a premium of $13,560 in cash for a one-year…

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Q: what amount should Thrift report as prepaid expenses?

A:

Q: An analysis of Earth Company's unadjusted prepaid expense account on Dec. 31, 2020 revealed the…

A: Formula: Prepaid insurance balance = Beginning balance + Expense paid during the year + Advance…

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A: In the question, the given transaction is "A company makes the payment of a one-year insurance…

Q: September 1, 2021, your company paid $6,000 for insurance covering Sep 2021 – March 2022. When the…

A: Prepaid expense: Prepaid expense means future expenses which are paid in advance. Initially, Prepaid…

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A: These are the Journal entries that are recorded in a Company's General Ledger that occurs at the end…

Q: On October 1, 2021 a company paid 10,800 for 6 months insurance premiums adjusting entries

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Q: . debit Prepaid Expense and credit Insurance Expense, $2,550

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Q: On July 1, a company paid the $1,200 premium on a one-year insurance policy with benefits beginning…

A: Solution: Insurance paid in advance is prepaid insurance which needs to be adjusted to recognize…

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Q: On July 1, 2020, Wilson Co. pays $16,140 to Anderson Insurance Co. for a 3-year insurance policy.…

A: Journalize the entry:

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Q: For the year ended Dec. 31, 2019, Nando Company paid interest totaling P100,000. The  prepaid…

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Q: On January 1, 2019, AAA insurance co. entered into reinsurance contract with CCC Co. for a  premium…

A: Reinsurance is an arrangement between an insurance company (insurer) and other insurance company…

Q: On November 1, 2019, C Laguna Company paid P36,000 to renew its insurance policy for 3 years. On…

A: Solution: Required balance in prepaid insurance on Dec 31, 2019 = P36,000 * 34/36 = P34,000

Q: On August 1, 2018 Risky Ventures paid $2,400 for insurance coverage for twelve months of coverage…

A: Prepaid Insurance Amount = 2,400 Period for which insurance expense paid = 12 Months Period Expired…

Q: How do you treat a prepaid expense that is divided between two accounting periods? eg( insurance of…

A: JOURNAL ENTRY In The Books of .......................................... Period…

Q: Under Edelbert company’s accounting system, all insurance premiums paid are debited  to prepaid…

A: Prepaid insurance are in the nature of Current Assets which are adjusted against insurance expenses…

Q: An insurance policy, good for one year, was purchased on April 1, 2020 and has a value of $25,000.…

A: Answer a:

Q: On October 1, 2021, ABC Company paid an insurance premium covering the period from October 1, 2021…

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Q: A Company purchased an 18-month insurance policy on May 31, 2019 for $3,600. The December 31, 2019…

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Q: On May 1, 2019, a two-year insurance policy was purchased for P24,000 with coverage effective…

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Q: Maple Tree Inc. purchased a 12-month insurance policy on March 1, 2019 for $900. At December 31,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: An examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase…

A: Here in this question, we are required to calculate the amount that will be there in the prepaid…