39) Roy purchased a one-year insurance policy for $2,400. The adjusting entry fo

Question

39) Roy purchased a one-year insurance policy for $2,400. The adjusting entry
for one month would include a:
A) debit to Prepaid Insurance, $200.
B) credit to Cash, $200.
C) debit to Insurance Expense, $200.
D) None of these answers are correct.

40) The capital balance amount shown in the balance sheet column of the worksheet
represents:
A) beginning capital plus net income.
B) beginning capital plus investments to capital.
C) beginning capital less withdrawals.
D) beginning capital plus net income less withdrawal.

41) When counting the supplies a fi le cabinet was forgotten and the adjustment
was made based on the incorrect count. This would:
A) overstate the period

Explanation / Answer

39) A 40) B 41) A 42) C 43) A

Related Questions

Navigate

• Browse (All)
• Browse 3
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.