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The Chart of Accounts for Corning Company Includes the Following

question 94

Multiple Choice

The chart of accounts for Corning Company includes the following:
 Account Name  Account Number  Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Corning Capital 31 Corning Drawing 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56\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 posting references will be found in the journal entry?

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Definitions:

Taxes

Mandatory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Insurance

A financial product sold by insurance companies to safeguard against financial risk and unforeseen losses.

Supply Chain Management

The actions the firm takes to coordinate the various flows within a supply chain.

Materials Management

The inbound movement and storage of materials in preparation for those materials to enter and flow through the manufacturing process.

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