These Accounts Are Among the Accounts in Sportsline's Adjusted Trial

question 39

Multiple Choice

These accounts are among the accounts in Sportsline's adjusted trial balance in the worksheet: $\begin{array}{lr}\text { Accumulated depreciation } & \$ 15,000 \\\text { Depreciation expense } & 5,000 \\\text { Insurance expense } & 3,000 \\\text { Prepaid Insurance } & 6,000 \\\text { Salaries \& wages expense } & 20,000 \\\text { Salaries \& wages payable } & 7,000\end{array}$ What is the total in the balance sheet credit column, based only on these accounts?

• A) $ 7,000.
• B) $12,000.
• C) $18,000.
• D) $22,000.

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Definitions:

Mandated by Statute

Required or enforced by law, typically referring to obligations or actions prescribed by legislative statues.

Insurable Interest

A stake in the continued existence of the person or property insured, sufficient to qualify for purchasing insurance to protect against losses related to that interest.

Insurance Policy

A contract between an insurer and a policyholder that outlines the terms and conditions under which the insurer agrees to indemnify the insured.

Insurable Interest

A requirement indicating that a policyholder must stand to suffer a financial loss or certain types of loss from the damage or loss of the insured subject.