In July, a company pays

three years' insurance in advance. The December 31 adjusting entry is

In November, cash is

received in advance of rendering services. Assuming that the services have been

performed by December 31, the adjusting entry would be

The entry to record

depreciation on a building is

Match the Accounting Transaction to the correct result or definition

1. First Prepare The Trial Balance 6 pts
2. Next Prepare the Income Statement 6pts
3. Then Prepare The Balance  Sheet 6pts

1. Prepare a journal entry 4pts

2. Prepare the balance section for this post and show how it would look on the Balance Sheet 3pts

The Prepaid Insurance account began the year with a balance of $460. During the

year, insurance in the amount of $1,040 was purchased. 

At the end of the year (December 31), the amount of insurance still unexpired was $700. 

Prepare the year-end journal

entry to record the adjustment for insurance expenses for the year.

Prepare A T Account where necessary to help you