On November 1, the company buys insurance for the next 12 months at a cost of
120. Which accounts on the balance sheet will be affected by this transaction on November 31? Click
on ALL the items affected. You have 2 attempts.
Assets
Liabilities
Current assets:
Current liabilities:
Cash
210 Accounts payable
Inventory
45 Non-current liabilities:
Prepaid expenses
10 Bank loan
Shareholders' equity
Non-current assets:
Common shares
230
Plant and equipment
190 Retained earnings
Revenues
150
Cost of sales
(65)
Expenses
y (35)
50
Total assets
455 Total liabilities and sharehc 455
95
ds
CHECK
36
Answers
On November 1, the company buys insurance for the next 12 months at a cost of
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Click
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.Assets
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.AssetsLiabilities
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.AssetsLiabilitiesCurrent assets:
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.AssetsLiabilitiesCurrent assets:Current liabilities:
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.AssetsLiabilitiesCurrent assets:Current liabilities:Cash
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.AssetsLiabilitiesCurrent assets:Current liabilities:Cash210 Accounts payableInventory
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.AssetsLiabilitiesCurrent assets:Current liabilities:Cash210 Accounts payableInventory45 Non-current liabilities:Prepaid expenses
On November 1, the company buys insurance for the next 12 months at a cost of120. Which accounts on the balance sheet will be affected by this transaction on November 31? Clickon ALL the items affected. You have 2 attempts.AssetsLiabilitiesCurrent assets:Current liabilities:Cash210 Accounts payableInventory45 Non-current liabilities:Prepaid expenses10 Bank loanShareholders' equityNon-current assets:Common shares
Shareholders' equityNon-current assets:Common shares230Plant and equipment190 Retained earnings
190 Retained earningsRevenues
190 Retained earningsRevenues150
lCost of sales
ll(65)
(65)Ey 50
(65)Ey 50Total ass455 Total liabilities and sharehc 455
(65)Ey 50Total ass455 Total liabilities and sharehc 45595
(65)Ey 50Total ass455 Total liabilities and sharehc 45595dsCHECK
(65)Ey 50Total ass455 Total liabilities and sharehc 45595dsCHECK36
Answer:
Dr Expense by 10, Dr Cash by 120, Cr Prepaid expense by 100
Explanation: