Use This Information Pertaining to the Alvino Corporation to Answer $\$ 200$

question 33

Multiple Choice

Use this information pertaining to the Alvino Corporation to answer the following question. 1. The corporation's Store Supplies account showed a beginning debit balance of $\$ 200$ and supplies purchased of $\$ 800$ . There were $\$ 300$ of supplies on hand at year end.
2. Depreciation on a building is estimated to be $\$ 5,000$ .
3. A one-year insurance policy was purchased for $\$ 2,000$ . Three months have passed since the purchase.
4. Accrued interest on a note receivable amounted to $\$ 100$ .
5. The company received a $\$ 3,600$ advance payment during the year on services to be performed. By the end of the vear, one-fouth of the services had been performed.
The adjusting entry for the insurance policy is

• A)Prepaid Insurance\(\quad\)\(\quad\)500
• Insurance Expense\(\quad\)\(\quad\)500
• B)Insurance Expense \(\quad 1,500\)
• Prepaid Insurance\(\quad\)1,500
• C)\(\begin{array} { l l } \text { Prepaid Insurance } & 1,500 \end{array}\)
• Insurance Expense\(\quad\)\(\quad\)1,500
• D)\(\begin{array} { l r } \text { Insurance Expense } & 500 \end{array}\)
• Prepaid Insurance\(\quad\)\(\quad\)\(\quad\)500

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Definitions:

NAALC

The North American Agreement on Labor Cooperation, an agreement aimed at improving working conditions and living standards in Canada, Mexico, and the United States.

Multinational Companies

Corporations that own or control production of goods or services in one or more countries other than their home country.

NAALC

The North American Agreement on Labor Cooperation, an agreement between the USA, Canada, and Mexico to promote labor principles and enforce labor laws.

Cross-border Cooperation

Collaborative efforts and partnerships that occur across national boundaries, typically involving governments, organizations, or companies to achieve common goals.