The prepaid insurance account had a balance of $9,600 at the beginning of the year. The account was increased for $28,800 for premiums on policies purchased during the year. What is the adjustment required at the end of the year for each of the following independent situations? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. For (a) and (b), indicate whether each account is increased or decreased and the amount of the increase or decrease. a. The amount of unexpired insurance applicable to future periods is $12,000.Insurance expense $Prepaid insurance $b. The amount of insurance expired during the year is $31,200.Insurance expense $Prepaid insurance $

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Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?

Ricardo conducts a survey to learn where consumers get information for buying used cars. this is an example of