I-03.06 Worksheet

I-03.06 Worksheet - Scenario 2: Balance Sheet Approach...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: Date: Section: I-03.06 Scenario 1: Balance Sheet Approach 06/01/X1 Prepaid Insurance 1,500 Cash 1,500 To record payment for 1-year policy 12/31/X1 Insurance Expense 875 Prepaid Insurance 875 To record insurance "used" ($1,500 X 7/12) Prepaid Insurance Insurance Expense 06/01/X1 1,500 875 12/31/X1 12/31/X1 875 625 Scenario 1: Income Statement Approach 06/01/X1 Insurance Expense 1,500 Cash 1,500 To record payment for 1-year policy 12/31/X1 Prepaid Insurance 625 Insurance Expense 625 To record insurance "unused" ($1,500 X 5/12) Prepaid Insurance Insurance Expense 12/31/X1 625 06/01/X1 1,500 625 12/31/X1 875 1 of 4
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Name: Date: Section: I-03.06
Background image of page 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Scenario 2: Balance Sheet Approach 08/01/X1 12/31/X1 Unearned Revenue Revenue Scenario 2: Income Statement Approach 08/01/X1 12/31/X1 Unearned Revenue Revenue 2 of 4 Name: Date: Section: I-03.06 Scenario 3: Balance Sheet Approach 12/01/X1 12/31/X1 Prepaid Rent Rent Expense Scenario 3: Income Statement Approach 12/01/X1 12/31/X1 Prepaid Rent Rent Expense 3 of 4 Name: Date: Section: I-03.06 Scenario 4: Balance Sheet Approach 04/01/X1 06/20/X1 Unearned Revenue Revenue Scenario 4: Income Statement Approach 04/01/X1 06/20/X1 Unearned Revenue Revenue 4 of 4...
View Full Document

This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

Page1 / 4

I-03.06 Worksheet - Scenario 2: Balance Sheet Approach...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online