The amount of expired insurance on factory equipment is adjusted by
a. debiting Equipment Insurance Expense and crediting Prepaid Insurance;
b. debiting Factory Overhead and crediting Prepaid Insurance; c. debiting
Prepaid Insurance and crediting Equipment Insurance Expense; d. debiting Prepaid Insurance and crediting Accounts Payable; e. debiting Cost of Goods Sold and crediting Prepaid Insurance
B
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Alan’s great-uncle, with whom he had a close relationship, has passed away. Those friends and relatives who are the closest to Alan are trying to protect him by shielding him from feeling sad. Which period is this?
A. mourning B. anger C. denial D. acceptance
A corporation issued 110 shares of its $5 par value common stock in payment of a $1900 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:
A. A $1900 credit to Cash. B. A $1900 debit to Legal Expenses. C. A $550 debit to Organization Expenses. D. A $1900 credit to Common Stock. E. A $1350 credit to Paid-in Capital in Excess of Par Value, Common Stock.
Which of the following pairs of accounts could not be included in the same adjusting entry?
a. Unearned Revenue and Revenue from Services b. Wages Expense and Wages Payable c. Interest Expense and Interest Receivable d. Rent Expense and Rent Payable
A rumor has been going around that Great Western Beef Co., Inc., is closing its packing plant in Lincoln, Nebraska. According to the rumor, a local health department official stopped a truck on its way through the front gate of the plant and discovered that it was full of dead cats. Subsequent investigation revealed that the company had been augmenting its alleged beef products with cat meat. As president of the company, Todd knows that this is absurd-all except the part about the plant closing, which is a consequence of company restructuring. He and his chief information officer have dealt with damage control internally, but the issue still needs to be addressed with the public at large. Todd should
A. do his best to ignore the rumor entirely and reply "no comment" to any questions because the plant closings are really an internal company matter. B. hold a press conference personally, announce that the plant is closing, and explain why without alluding to the rumor. C. have the chief information officer address the cat rumor through a press conference and a series of television commercials. D. put together an advertising campaign that portrays Great Western as an all-American company that has fallen on hard times and regrettably must restructure. E. arrange for one of the front-line workers to go before the media and explain that he has worked at the plant for years and never seen anything odd in the meat there.