Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. yummy foods purchased a two-year fire and extended

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2024,...

70.2K

Verified Solution

Question

Accounting

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2024, and charged the $4,080 premium to Insurance expense. At its December 31, 2024, year-end, Yummy Foods would record which of the following adjusting entries?

Multiple Choice

Account TitleDebitCreditPrepaid insurance3,230 Insurance expense 3,230Account TitleDebitCreditInsurance expense850 Prepaid insurance 850Account TitleDebitCreditPrepaid insurance850 Insurance expense 850Account TitleDebitCreditInsurance expense850 Prepaid insurance3,230 Insurance payable 4,080

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Emphysema is notable because it is due to loss of cilia o inflammation of the...

Biology
Q

A chromatography column with a length of 10 3 cm and inner diameter of 4...

Physics
Q

Uniform speed of 2 cm diameter ball is 20 cm s in a viscous liquid...

Physics
Q

What is the solution to the equation?1/2 In (x+17) = ln (x - 9) -...

Basic Math
Q

The probability that a randomly selected individual in a country earns more than 75 000...

Statistics
Q

Find the slope of the curve y x at x 5 The slope of the...

Calculus
Q

nched from a tower The height of th nch x in seconds by the given...

Algebra
Q

To record the bank service charge, the following journal entry has to be made: Bank...

Accounting
Q

Roxy Labs Inc. produces varlous chemical compounds for Industrial use. One compound, called Clix, Is...

Accounting
Q

Last year, Copper Company had a net income of $500,000, income tax expense of $60,000,...

Accounting
Q

LO 3.2 Which of the following Account Titles are classified as Liabilitics/Revenue/Equity, and increase on...

Accounting
Q

Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget...

Accounting