An insurance company received advance payments from clients during 2019 of $12,000. At December 31, 2019, $10,000 of the advance payments still had not been earned. After the adjustments are recorded and posted at December 31, 2019, what will the balances be in the Unearned Insurance Revenue and Insurance Revenue accounts?
Unearned Insurance Revenue Insurance Revenue
A) $10,000 $10,000
B) $0 $12,000
C) $2,000 $10,000
D) $10,000 $2,000
Correct Answer:
Verified
Q71: What does the phrase, "revenue is recognized
Q72: Assets become expenses when?
A)Purchased for cash or
Q73: Which one of the following is not
Q74: Which of the following concepts is important
Q75: When should a shipping company recognize revenue
Q77: When is revenue from the sale of
Q78: Carithers Cleaning Service received advance payments from
Q79: Carlock Systems received a 6-month, 12% note
Q80: What effect does "recognizing revenue at the
Q81: On October 1, a company borrowed $200,000
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents