Early in 2018, Benton Well Supplies discovered that a five-year insurance premium payment of $50,000 at the beginning of 2015 was debited to insurance expense. The correcting entry would include: Multiple Choice A debit to prepaid insurance of $50,000.

a. A credit to retained earnings of $20,000.

Explanation:

The insurance premium payment was initially started in 2015. In 2018, the correct entry would include a $20,000 credit to retained earnings and debit prepaid insurance of $20,000. Since there are still 2 years remaining on the insurance policy, so a payment of $10,000 for the 1 year and $10,000 for the second year, which makes it $20,000 for two years.

the answer should be a)

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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