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FNDN Accounting 2025 STD O2

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Question 23 (10 marks) Complete the journal entries for the 5 transactions of Froggie Co in the month of June. Narrations are not required. [table] Date | Transaction and Account Names | Dr $ | Cr $ | | Oct 31 | Benefits of prepaid insurance of $100 have expired.Blank 1 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 2 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 3 Question 2 10060300700801300 | Blank 4 Question 2 10060300700801300 | | 31 | Depreciation for the month is $60. Blank 5 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 6 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 7 Question 2 10060300700801300 | Blank 8 Question 2 10060300700801300 | | 31 | Services performed in relation to cash received in advance total $300. Blank 9 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 10 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 11 Question 2 10060300700801300 | Blank 12 Question 2 10060300700801300 | | ] 31 | Services performed but not invoiced at 31 October total $700. Blank 13 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 14 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 15 Question 2 10060300700801300 | Blank 16 Question 2 10060300700801300 | | ] 31 | Interest accrued at 31 October is $80. Blank 17 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 18 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Accrued salaries at 31 October are $1300Blank 19 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 20 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 21 Question 2 10060300700801300 Blank 22 Question 2 10060300700801300 | Blank 23 Question 2 10060300700801300 Blank 24 Question 2 10060300700801300 | | [/table]

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We are asked to complete five journal entries for Froggie Co. in June by selecting the correct accounts for each transaction. Below I walk through each transaction, consider the possible accounts that could be affected, and explain why the chosen accounts are appropriate while the other options would be incorrect. 1) Transaction: Benefits of prepaid insurance of $100 have expired (Oct 31) - Correct reasoning: When prepaid insurance expires, you recognize Insurance Expense and reduce the Prepaid Insurance asset. The standard entry is Dr Insurance Expense and Cr Prepaid Insurance for the amount that expired. This matches the option pair Insurance Exp and Prepaid Insurance. - Why the other options are incorrect: Allocating to Depreciation Expense would be inappropriate here because depreciation relates to fixed assets, not prepaid insurance. Accumulated Depreciation is a contra-asset account linked to ......Login to view full explanation

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