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cluponka [151]
2 years ago
14

The chart of accounts for the Corning Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13

Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Common Stock 31 Dividends 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 Page 3 of the journal contains the following entry: Description Post. Ref. Debit Credit Prepaid Insurance 1,530 Cash 1,530 What is the posting reference that will be found in the prepaid insurance account? a.15 b.3 c.13 d.11
Business
1 answer:
jeka942 years ago
8 0

Answer:

a.15

Explanation:

Posting reference in an accounting entry relates to the account number reference, as there are multiple entries there are chances that wrong account might be debited or credited, as for this referring to account number reduces the probability of wrong account debited or credited.

As in the given instance,

Prepaid Insurance Account is debited as against cash, in front of Prepaid Insurance account the posting reference will be account number of Prepaid Insurance, that is: 15

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Character traits like passion, perseverance, and integrity can determine your success.
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Character traits can help drive your success. When you have passion, perseverance, and integrity you have a better chance at being successful with something you are truly passionate about. It's best to stay focused and work as hard as you can to accomplish your goals. If you are able to manage your time and stay focused you will likely succeed. 
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1 year ago
The competitive equilibrium rent in a standard two bedroom apartment in lawrence (a city) is $600. now suppose the city council
Mekhanik [1.2K]
<span>Setting a rent control price ceiling will cause the same impact as any other price ceiling that is below the market equilibrium price: it will create a shortage in the market. At the price equilibrium of $600, the number of renters would exactly meet the number of available 2 bedroom apartments. However, with this fixed price ceiling, the position along the demand curve will shift to one of higher demand, with no analogous change in the supply curve. Thus there will be more renters than can be supported, and renters will have to look for alternatives and substitutes.</span>
8 0
2 years ago
During February 2015 its first month of operations, the stockholders of Ariel Pink Enterprises invested cash of $50,000. Ariel h
aleksandrvk [35]

Answer:

46,000 ending cash balance

Explanation:

50,000 Ariel Investment

+ 10,000 cash revenues

- 14,000 cash expenses

46,000 ending cash balance

(assuming no other transaction impacted the cash account)

When you are asked for a ending value, you should identify first, if there is a beginning value, something which start the balance of the account.

Like inventory in hand, supplies in hand, equipment, accounts payable

Then you have to figure out which trasnaction incresae the balance

and which decrease it.

<u>Finally you put them together:</u>

<em>beginning + increase - decrease = ending</em>

4 0
2 years ago
Which of the following workers are most likely to be part of a union? (Select four answers.)
Ira Lisetskai [31]

a high school teacher,an assembly line worker,a plumber,a police woman

3 0
1 year ago
Washington inc. issued $705,000 of 6%, 20-year bonds at 98 on January 1, 2009. Through January 1, 2017, Washington amortized $8,
cestrela7 [59]

Answer:

$20,000

Explanation:

Bond discount at the issuance of bond:

= Worth of Bonds issued -  [(Worth of Bonds issued ÷ 100) × Issue price]

= 705,000 - [($705,000 ÷ 100) × 98]

= $705,000 - $690,900

= $14,100

Bond Payable = $705,000

Unamortized bond discount:

= Bond discount at the issuance of bond - Amortized amount

= $14,100 - $8,200

= $5,900

Redemption Value of Bond = Retired price of bonds × 7,050

                                              = 102 × 7,050

                                              = $719,100

Loss on retirement on Bond:

= Redemption Value of Bond - (Worth of Bonds issued -  Unamortized bond discount)

= 719,100 - (705,000 - 5,900)

= 719,100 - 699,100

= $20,000

6 0
1 year ago
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