Multiple Choice
On July 1, 2011 Albert Company paid $5,200 for a 1-year insurance policy.To record this transaction Albert Company should:
A) decrease cash and increase insurance expense
B) decrease cash and increase prepaid insurance
C) increase accounts payable and increase insurance expense
D) increase cash and increase prepaid insurance
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Cost of goods sold should be matched
Q2: Use the following information for questions:
Q4: Which of the following is a revenue
Q5: How are goods purchased for sale at
Q6: Beginning inventory - purchases + ending inventory
Q7: Which of the following will not appear
Q8: The issuance of common shares with a
Q9: Dividends are an expense of doing business.
Q10: On Oct.1, 2011 Bonita, Inc.signed a 1-year
Q11: How is cash invested by shareholders in