On January 1 a company purchased a five-year insurance policy for $2,300 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:

A.)Debit Insurance Expense, $460; credit Prepaid Insurance, $1,840.

B.)Debit Prepaid Insurance, $460; credit Insurance Expense, $460.

C.)Debit Prepaid Insurance, $1,840; credit Insurance Expense, $1,840.

D.)Debit Insurance Expense, $460; credit Prepaid Insurance, $460.

E.)Debit Prepaid Insurance, $2,300; credit Cash, $2,300.

Grace period is a period of time before the credit card company starts charging late fees.truefalse

Select all that apply. select the ways that labor unions can increase wages. collective bargaining reducing the labor supply increasing the demand for labor creating monopolies

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?