Prepare a journal entry for the following transaction using proper form. On June 28th, Sunflower Suzy’s pre-paid insurance expense for the period 7/1/19-6/30/20 in the amount of $12,000. Record the journal entry at inception of this transaction (i.e., what is recorded on June 28th).   

Snippets is a lawn-service company that prepares annual financial statements.     What is the “Mowing Revenue” or “Z” balance on the adjusted trial balance at 12/31/ (year-end). (Hint: Solve for “X” first.)

Which of the following answer choices does NOT correctly describe the following adjusting journal entry?   Dr. Rent Expense       Cr. Prepaid Rent

Using the list below, identify how each account should be classified.   You can use an item once, more than once, or not at all – but each question only has ONE answer.

All of the following state “For the Year Ended 20XX” except for

On December 31, 2019, M-zine Corp. prepared adjusting journal entries for the following items: Depreciation expense: $12,000 Used Rent: $7,000 that was initially recorded as a prepaid Accrued Sales Revenue: $40,000 If M-zine Corp reported total assets of $250,000 prior to the adjusting journal entries, what is total assets after the adjusting journal entries?

In posting journal entries to the general ledger, which of the following is true?

Snippets is a lawn-service company that prepares annual financial statements.    How much is owed to Snippets at year-end?

At 1/1/19, Harper Company paid $9,000 for the premium on a three-year insurance policy, recording this amount as prepaid insurance. What would be balance in prepaid insurance on 1/1/20?

Snippets is a lawn-service company that prepares annual financial statements.     What is the ending balance for Prepaid Insurance after closing entries for Snippets?