ACC 421 Week 1 Individual Assignment Accounting Cycle Paper( 2 Paper)
39. On November 1, 2005, Key Co. paid $ 3,600 to renew its insurance policy for three years. At December 31, 2005, Key ' s unadjusted trial balance showed a balance of $ 90 for prepaid insurance and $ 4,410 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Key ' s December 31, 2005, financial statements? 40. Which of the following accounts is not closed? 41. On January 1, 2005, customers owed Eagle $ 40,000. On December 31, 2005, customers owed Eagle $ 30,000. Eagle uses the direct write-off method for bad debts. No bad debts were recorded in 2005. Under the cash basis of accounting, what amount of net revenue should Eagle report for 2005? 42. Under Statement of Financial Accounting Concepts 6, the term“ recognized” is synonymous with the term 43. Under Statement of Financial Accounting Concepts 8, completeness is an ingredient of 44. Which of the following characteristics relates to both accounting relevance and faithful representation? =================================================
ACC 421 Week 1 Individual Assignment Accounting Cycle Paper( 2 Paper)
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This Tutorial contains 2 Papers
Prepare a 700- to 1,050-word paper explaining the overall accounting cycle at your organization.