Harrod Company paid $5,800 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $5,800, and no adjustments had been made previously. The adjusting entry required on December 31 is:

Prepaid Insurance = credit = $2900.

Prepaid Insurance = debit = $2900

Explanation:

So, we are given the following data or parameters or information which is going to assist us in solving this particular Question or problem;

=> The amount paid for a 4-month insurance premium in advance on November 1, with coverage beginning on that date = $5,800.

=> "The balance in the prepaid insurance account before adjustment at the end of the year =$5,800, and no adjustments had been made previously.

So, we are asked to determine the adjusting entry required on December 31.

The adjusting entry required on December 31;

Prepaid Insurance = credit = 5800 × 2/4= $2900.

Prepaid Insurance = debit = $2900.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know