On April 1, 2014, a company paid $1,440 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2014?
a. $360.00
b. $40.00
c. $1,440.00
d. $1,080.00
e. $480.00
On April 30, 2014, a three-year insurance policy was purchased for $18,360 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company’s income statement for the year ended December 31, 2014?
a. $18,360
b. $4,080
c. $510.00
d. $6,120
e. $14,280
The Unadjusted Trial Balance columns of a company’s work sheet show the balance in the Office Supplies account as $800. The Adjustments columns show that $450 of these supplies were used during the period. The amount shown as Office Supplies in the Balance Sheet columns of the work sheet is:
a.$450 debit
b. $350 debit
c. $350 credit
d. $800 debit
e.$800 credit
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