Reference no: EM132944097
Question - On 1 January a company purchased a five-year insurance policy for RM1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, what the adjusting entry at the end of the first year?
a. Debit Prepaid Insurance, RM1,800; credit Cash, RM1,800.
b. Debit Prepaid Insurance, RM360; credit Insurance Expense, RM360.
c. Debit Insurance Expense, RM360; credit Prepaid Insurance, RM1,440.
d. Debit Insurance Expense, RM360; credit Prepaid Insurance, RM360.
e. Debit Prepaid Insurance, RM1,440; credit Insurance Expense, RM1,440.
|
Examples of cycles and main transactions
: All transaction data originates in the general ledger and reporting cycle, do you agree with this statement? Explain your reasoning using specific examples of c
|
|
Prepare and post adjusting journal entries
: Prepare and post adjusting journal entries for December and Prepare adjusted trial balance at December 31, 2020
|
|
Describe the three main categories of ratios
: Describe the three main categories of ratios and provide a specific example of a ratio that is used in each category
|
|
Causes of driving changes in the competitive conditions
: 1- Identify at least 5 main Driving Forces (the underlying causes of driving changes in the competitive conditions). List them in order of the impact (high, med
|
|
What the adjusting entry at the end of the first year
: On 1 January a company purchased a five-year insurance policy for RM1,800 with coverage starting immediately. What the adjusting entry at the end of first year
|
|
Identify the whs authority
: Identify the WHS authority relevant to your State/Territory and describe how they assist organisations in complying with the WHS Act.
|
|
Describe natinal standar related to privacy
: Name and describe Natinal standar related to Privacy, knowledge management, freedom of information
|
|
Explain the type of coupling
: Explain the type of coupling (and hence dependencies) that can be expected for task services, utility services, and entity services. How does coupling at the se
|
|
What will be the insurance expense
: On April 1, a company paid the RM1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense
|