ezto.mheducation.com Final Exam estion 13 13. valuer 3.00 points Service Pro Cor

Question

ezto.mheducation.com Final Exam estion 13 13. valuer 3.00 points Service Pro Corp (SPC) is preparing adjustments for its September 30 year-end. For the following transactions and events, show the September 30 adjusting entries that SPC would make. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,628, representing the cost of a three-year fire insurance policy that was purchased on September 1 of the current year related to fees for a three-month period beginning September 1 of the current year tax is $10,000. No income tax has been paid or recorded. b. On August 31 of this year, Cash was debited and Service Revenue was credited for $1,740. The $1,740 C. The company's income tax rate is 33%. After making the above adjustments, SPCs net income before. View transaction list Journal entry worksheet Record the adjusting entry for Insurance expense of $2,628 representing the cost of a three- year fire insurance policy that was purchased on September 1 of the current year Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

1.

2.

c.

Transactin General journal Debit Credit a Prepaid insurance 2555 Insurance expense 2555 [ Unexpired insurance transferred to prepaid insurance]

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