If on the insurance still unexpired amounted to 10 the

If on the insurance still unexpired amounted to 10 the

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81.______ If on December 31, 2007, the insurance still unexpired amounted to $10, the adjustingentry would contain aa. debit to Prepaid Insurance for $50.b. credit to Prepaid Insurance for $10.c. debit to Insurance Expense for $50.4-11
Test Bank for Financial Accounting: Tools for Business Decision Makingd. credit to Prepaid Insurance for $10.82.______ If the estimated depreciation for office equipment were $800, the adjusting entry wouldcontain a4-12notbeen recorded or paid,the adjusting entry would include anotbilled, the adjusting entry to record thiswould include astore equipment as follows:Dr.Cr.Depreciation Expense .............................................800Cash ...............................................................800The effect of this entry is toa.adjust the accounts to their proper amounts on December 31.b.understate total assets on the balance sheet as of December 31.c.overstate the book value of the depreciable assets at December 31.d.understate the book value of the depreciable assets as of December 31.86.______ The difference between the cost of a depreciable asset and its related accumulateddepreciation is referred to as thenotresult in unearned revenue?88.______ Waterfalls Corporation purchased a one-year insurance policy in January 2006 for4-12
A Further Look at Financial Statements$66,000. The insurance policy is in effect from March 2006 through February 2007. If thecompany neglects to make the proper year-end adjustment for the expired insurance

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