The Amount Of Insurance Expired During The Year Is $20 250
The Amount Of Insurance Expired During The Year Is $20 250. Let's say your health insurance plan's allowed amount for an office visit is $100 and your coinsurance is 20%. Expired insurance for the month is $200.
Advertising supplies on hand as at 31 october total $400. For example, if your coinsurance is 20%, you would owe that percentage of your plan’s allowed amount for a specific medical service after your deductible is paid. There was also a loss on the sale of equipment of $9,000.
Let's Say Your Health Insurance Plan's Allowed Amount For An Office Visit Is $100 And Your Coinsurance Is 20%.
The amount removed from the expense shall be transferred to. There was no beginning of the year balance in the supplies account. For example, if your coinsurance is 20%, you would owe that percentage of your plan’s allowed amount for a specific medical service after your deductible is paid.
The Net Cash Flows From The Product During These 5 Years Were Expected To Be `3,60,0 00, `4,60,000 , `4,40,000 , `4,00,0 00 And `3,40,000.
On december 1 the company pays the insurance company $12,000 for the insurance premiums covering one year. The percentage of costs of a covered health care service you pay (20%, for example) after you've paid your deductible. • unearned fees on july 31 are $3,000.
The Amount Of Unexpired Insurance Applicable To Future Periods Is $6,750.
Find the number of months As of december 31 one month has gone by, so one month of insurance has expired and belongs in insurance expense. $2,400 divided by the 12 months of coverage = $200 per month.
The Transactions During 2018 Have Been Journalized And Posted.
(a) the amount of insurance expired during the year is $20,250; B) depreciation of equipment during the year $3,400 c) rent expired during the year $11,000 d) wages accrued, but not paid at august 31 $2,500 e) unearned fees at august 31 $1,500 f) unbilled fees at august 31 $5,260 g) supplies on hand on august 31 $800 selected account balances current balance adjust. (b) the amount of insurance expired during the year is $10,400.
To Reduce The Insurance Expense To $200 You Need To Credit Insurance Expense For $2,200.
To calculate the percentage for this type of duty, estimate the total number of hours spent during the year and divide by 2088. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment; Adjusting entries for prepaid insurance the balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000.