menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Financial Accounting Study Set 15
  4. Exam
    Exam 3: The Adjusting Process
  5. Question
    A One-Year Insurance Policy Was Purchased on October 1, 2011
Solved

A One-Year Insurance Policy Was Purchased on October 1, 2011

Question 42

Question 42

Essay

A one-year insurance policy was purchased on October 1, 2011 for $4,200. The adjusting entry on December 31, 2010 would be:
A one-year insurance policy was purchased on October 1, 2011 for $4,200. The adjusting entry on December 31, 2010 would be:

Correct Answer:

verifed

Verified

$4,200/12 = $350 x 3...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q5: The financial statements are prepared from the

Q8: At the end of the fiscal year,

Q22: Using accrual accounting, revenue is recorded and

Q41: For each of the following errors, considered

Q52: Which one of the accounts below would

Q81: Accumulated Depreciation accounts are liability accounts.

Q90: Revenue recognition concept requires that the reporting

Q101: Under the accrual basis, some accounts in

Q134: Which of the accounting steps in the

Q142: The adjustment for accrued fees was debited

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines