Business, 22.09.2020 15:01 IntellTanito

On July 1, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and adjusting entry on December 31. b. Using the above data, journalize the entry on July 1, and the adjusting entry on December 31 for Zubin Insurance Co.

Answers: 2

Show answers

Answers

Answer from: smit715674

Please see explanation column for answer

Explanation:

a)Journal entry for Crowe Co.

Date Account title Debit C redit

July 1st Prepaid Insurance $15,000

Cash $15,000

Dec 31st Insurance expense $2,500

Prepaid Insurance $2,500

Calculation:

Insurance expense = Principal x period

= 15,000 x 6/12(july to december) x 1/3 ( one year from the 3 year insurance )

= $2,500

b)Journal entry for Zubin Insurance Co

Date Account title Debit Credit

July 1st Cash $15,000

Unearned service revenue $15,000

Dec 31st Unearned service revenue $2,500

Service revenue $2,500

Calculation:

Unearned service revenue = Principal x period

= 15,000 x 6/12(july to december) x 1/3 ( one year from the 3 year insurance )

= $2,500

Answer from: Quest

you get one warning and if you do something to violate the guidelines of after that you get kicked off.

mark as

Answer from: Quest

ans.

heterothermic organisms include those organisms that can switch between homeothermic (having body temperature higher than environment) and poikilothermic (having variation in internal body temperature) strategies.

some migratory birds show heterothermy as they decrease their metabolic rate during cold nights to keep their body temperature low. drop in metabolic rate allows increase in production efficiency of birds that reduces the internal body temperature to make it equal to external cold temperature during cold nights.

thus, the correct answer is 'birds allow their temperature drop in order to increase their production efficiency.'

Another question on Business

Business, 22.06.2019 00:00

Which part/word/phrase in the passage refers to a business’s financing activity seen in a cash flow statement? nathan works as an accountant in a footwear manufacturing company. he is currently preparing the cash flow statement for his employer. during the given accounting period, the company purchased raw materials worth $25,000. it also bought new equipment worth $75,000 to increase its production output. further, it borrowed a long-term bank loan of $100,000 to facilitate further expansion. finally, the company spent $50,000 on advertising its latest brand of footwear in the market. {lol i guessed its "it borrowed a long-term bank loan of $100,000 to facilitate further expansion" and thats correct}

Answers: 1

Answer

Business, 22.06.2019 23:40

Elite coffee and bakery, a café that offers a relaxing environment to enjoy quality coffees, teas, soups, and other menu items, has a poster in the front of its restaurants that reads, "we will always provide a quality product to our customers better meet the challenges of their day and always take the time to offer caring service one person at a time." this statement is elite's

Answers: 2

Answer

Business, 23.06.2019 00:50

Janis owns and operates a store in a country experiencing a high rate of inflation. in order to prevent the value of money in her cash register from falling too quickly, janis sends an employee to the bank four times per day to make deposits in a interest-bearing account that protects the store's revenues from the effects of inflation. this is an example of the (menu costs/ unit of account costs/ shoesleather costs) of inflation. pick one

Answers: 3

Answer

Business, 23.06.2019 15:00

Refer to walgreens. when walgreens' managers responded to the threat of pbms by creating walgreens health initiatives, its own pbm business, they were using control.

Answers: 3

Answer

You know the right answer?

On July 1, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both compani...

Questions