Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. oakland farms purchased a one-year insurance polic

Oakland Farms purchased a one-year insurance policy for $36,000 on October 1, 2019. At the...

60.1K

Verified Solution

Question

Accounting

Oakland Farms purchased a one-year insurance policy for $36,000 on October 1, 2019. At the beginning of the year (1/1/2019), they had $18,000 in prepaid expenses for insurnace.
What is the necessary adjustment, journal entry, income statement adjustment, and balance sheet entry?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

O O O You are given the sample mean and the population standard deviation Use...

Statistics
1.2K views

Students in the senior capstone course (N = 36) at University Uptight took the Political Science...

General Management
1.2K views

Pick one amendment from the Bill of Rights and explain the historical context and importance of...

Biology
1.2K views

1 In each of the blank circles fill in the nitrogen containing compound in the...

Physics
1.2K views

Please explain clearly 5 A closed vessel in the shape of a truncated cone having...

Basic Math
1.2K views

of units sold For this month it was given that the demand is for 300...

Basic Math
1.2K views

In a certain country, the number of deaths due to heart disease increased from 235...

Accounting
1.2K views

To begin the company creation using the EasyStep interview, click the _______ a. Detail Start...

Accounting
1.2K views

Question 14 The principal accounting record used in assigning costs to jobs is

Accounting
1.2K views

Lopez & Company, located in the beautiful Puget Sound, provided the following post-closing trial balance...

Accounting
1.2K views

a. Answer the following true-false statements: 1. IFRS requires that convertible debt be separated into...

Finance
1.2K views

Today is your 40th birthday (this is beginning of period, i.e., time 0). You expect...