The adjusting journal entry is done each month, and at the end of the year, when the insurance policy has no future economic benefits, the prepaid insurance balance would be 0. Effect of Prepaid Expenses on Financial Statements The initial journal entry for a prepaid expense does not affect a...
Debit和credit的区别为：指代不同、用法不同、侧重点不同。一、指代不同 1、Debit：借方。2、credit：赊欠。二、用法不同 1、Debit：表示资产的增加和负债及所有者权益的减少，负债及所有者权益的减少记在其有关账户的借方。2、credit：credit用作名词的基本意思是指先买东西后付账，即“赊购，赊欠”...
Exhibit 28-1 shows that the cost of goods manufactured equals the total of all manufacturing costs for the period adjusted for the change in work in process inventory. Manufacturers have three inventory accounts—Raw Materials, Work in Process, and Finished Goods. In manufacturing accounting, all ...
— was paid in advance on this date 于当日提前支付 — and (was) debited to the Prepaid Insurance account. 并记入借方“预付保险费”帐目 【参考译文】保单一于2014年4月30日被领取，$720 的年度保险费已于当日提前支付并被记入借方“预付保险费”帐目。
8. Income tax for July, ¥1,200, will be paid in August. (Hint: Use the accounts Income Tax Expense and Income Taxes Payable.) The chart of accounts for Green River Computer Consultants contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance. Prepaid Rent, ...
h. At the beginning of the year, there was a balance of $8,960 in the prepaid insurance account, for a policy that will expire at the end of February 2024. During the year, a second policy for different coverage came into effect on June 1. This policy cost $19,080 and covers 18 ...
1229 备抵存货跌价损失 allowance for reduction of inventory to market 125 预付费用 prepaid expenses 1251 预付薪资 prepaid payroll 1252 预付租金 prepaid rents 1253 预付保险费 prepaid insurance 1254 用品盘存 office supplies 1255 预付所得税 prepaid income tax 1258 其它预付费用 other prepaid expenses 126 ...
D. Debits Prepaid Subscriptions and credits Cash. 8. The Supplies account had a $360 debit balance at the end of the accounting period before adjustmentfor supplies used, and an inventory of $80 worth of unused supplies were on hand. Which of thefollowing is the required adjusting entry? A...
Prepaid Insurance ❖ Assume that a business paid a $1,200 premium on April 1 for one year’ s insurance in advance. April 1 Prepaid Insurance 1,200 Cash 1,200 ❖ At the end of April, one-twelfth of the $1,200, or $100, had expired. Therefore, an adjustment has to be made....
Under Gerber Company’s accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial statements, Gerber makes monthly estimated charges to insurance expense with an offset to prepaid insurance. Additional information for the year ended December 31, year 2, is...