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:

Bacon's Rebellion

A 1676 revolt led by Nathaniel Bacon against the colonial government in Virginia, reflecting the social tensions between frontier settlers and the colonial elite.

Virginia Landowners

Individuals or entities that hold ownership rights over land in the state of Virginia, historically significant for their role in agricultural production, especially tobacco, and political leadership in early U.S. history.

Albemarle Region

A historical, culturally rich area in northeastern North Carolina, known for its early settlement and development during the colonial period.

Barbadian Influence

The cultural, political, and economic impact of Barbados and its people on other regions, particularly in the Caribbean and the Americas.