Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Obtained and paid building and liability insurance coverage from Northwest Insurance Company. The two-year policy began on Feb 1 and has a premium of $54,000. Select one: O a. No journal entry entry or adjusting entry required O b. Dr. Insurance expense $4,500; Cr. Prepaid insurance $4,500 c. Dr. Prepaid insurance $54,000; Dr. Insurance expense $4,500; Cr. Prepaid insurance $4,500; Cr. Cash $54,000 d. Dr. Prepaid insurance $4,500; Dr. Cash $54,000; Cr. Prepaid insurance $54,000; Cr. Insurance expense $4,500 O e. Dr. Prepaid insurance $54,000; Dr. Insurance expense $6,750; Cr. Prepaid insurance $6,750; Cr. Cash $54,000 O f. Dr. Prepaid insurance $4,500; Cr. Insurance expense $4,500 g. Dr. Prepaid insurance $6,750; Dr. Cash $54,000; Cr. Prepaid insurance $54,000; Cr. Insurance expense $6,750
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
