The Chart of Accounts for Corning Company Includes the Following

question 56

Multiple Choice

The chart of accounts for Corning Company includes the following:
$$\begin{array} { | l | c | } \hline{ \text { Account Name } } & \text { Account Number } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unearned Revenue } & 24 \\\hline \text { Corning Capital } & 31 \\\hline \text { Corning Drawing } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline\end{array}$$ ?
Page 3 of the journal contains the following entry:
Prepaid Insurance........1,530
Cash.............................1,530
-What is the posting reference that will be found in the prepaid insurance account?

• A) 11
• B) 15
• C) 3
• D) 13

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Definitions:

Quartering Act

A name given to a series of acts passed by the British Parliament in the 18th century, requiring local governments of the American colonies to provide housing and food for British soldiers.

Indentured Servants

Laborers bound under a contract to work for a specific person for a designated period in exchange for transportation, food, and accommodation.

Manufacturing

The process of producing goods in large quantities using machinery and labor, often within an industrial setting.

Trade

The exchange of goods, services, or both within and between countries or individuals.