the prepaid insurance account had a balance of $4,900 at the beginning of the year. the account was debited for $5,400 for premiums on policies purchased during the year. journalize the adjusting entry required at the end of the year for each of the following situations: question content area a. the amount of unexpired insurance applicable to future periods is $900. if an amount box does not require an entry, leave it blank. blank - select - - select - - select - - select -

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13-09-2022
Business

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the prepaid insurance account had a balance of $4,900 at the beginning of the year. the account was debited for $5,400 for premiums on policies purchased during the year. journalize the adjusting entry required at the end of the year for each of the following situations: question content area a. the amount of unexpired insurance applicable to future periods is $900. if an amount box does not require an entry, leave it blank. blank - select - - select - - select - - select -

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Tutorconsortium315 Tutorconsortium315 · Answer 1 · 2022-09-15T14:50:55-04:00

Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. The original cost of the goods was $400. The required journal entry to record the sale and cost of the sale would be: debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400.

What is credit and debit?

With a debit card, your checking account is almost instantly debited for the amount of the purchase. When you use a credit card, the purchase will be added to your line of credit, which means you will pay the bill at a later time and have a longer payment period.

As an illustration, when two businesses transact, say Company A buys something from Company B, Company A will record a decrease in cash (a Credit), and Company B will record an increase in cash (a Debit). Two distinct accounts of the same transaction are both recorded.

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