Part A: X Company has several insurance policies covering different periods. On

Question

Part A: X Company has several insurance policies covering different periods. On the Balance Sheet, Prepaid Insurance at the beginning of the period was $27,429; Prepaid Insurance at the end of the period was $27,319. On the Income Statement, Insurance Expense was $32,233. Insurance premium payments during the period were...?

Part B: X Company is a merchandiser. On December 15, 2015 it sold a particular item to a customer for $1,400. The item had cost X Company $560. The customer paid cash of $420 and promised to pay the remainder the following month. The revenue and expense entries to record this sale would result in a net increase in Retained Earnings of...?

Explanation / Answer

Part A

Part B

Insurance Expense 32,233 Less Prepaid Insurance at the beginning of the period 27429 ADD insurance at the end of the period 27319 insurance premium payments during the period 32,123

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