On January 1, 2014, Dimes and Quarters Corp

question 205

Essay

On January 1, 2014, Dimes and Quarters Corp. purchased a general liability insurance policy for $9,000 to provide coverage for the calendar year.
1. If the company recorded the policy as an asset when purchased, what is the adjusting journal entry that should be recorded at January 31, 2014?
*2. If the company expensed the cost of the policy on January 1, 2014, what is the adjusting entry that should be recorded at January 31, 2014?

Understand the characteristics and development of organizational vision.

Identify strategies and approaches for implementing major organizational changes.

Recognize the stages and models in the process of organizational change.

Understand the concept of learning organizations and strategies for fostering them.

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Definitions:

Engine

A machine designed to convert energy into useful mechanical motion.

Factory

A building or complex where goods are manufactured or assembled primarily by machines and workers.

Land

An asset representing real estate property, excluding buildings or structures, used in accounting as a long-term asset.

Brokerage Commission

The fee charged by a broker for executing transactions or providing specialized services.