On May 1 20xx a firm purchased a 1 year insurance policy for $1800 and paid the

Question

On May 1 20xx a firm purchased a 1 year insurance policy for $1800 and paid the full premium in advance. The insurance expense associated with this policy for 20xx is ?

A) 600

B) 1200

C) 1800

D) 1050

As part of the initial investment a partner contributes equipment that had a cost of $50,000 and accumulated depreciation of $35,000. If the partner agrees on a valuation of $30,000?for the equipment, what amount should be debited to the office equipment account?

A) 15,000

B) 20,000

C)30,000

D) 50,000

Explanation / Answer

1> B) 1200

2>C)30,000

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