Prepare journal entries to record the following transactions regarding a fire insurance policy purchased by Chang Electronics. Chang's business operates on a calendar-year basis
a. April 1, 2013 - Chang arranges to buy fire insurance. He receives a bill for $10,000 for an insurance policy that covers the period April 1, 2013 through March 31, 2014
b. April 10 - Chang pays the insurance bill.
c. December 31- Chang prepares financial statements for the year ended. December 31, 2013 . He prepares an adjusting entry regarding insurance.
a. Prepaid insurance 10,000
Accounts payable 10,000
b. Accounts payable 10,000
Cash 10,000
c. Insurance expense 7,500
Prepaid insurance 7,500
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________ is generally credited with writing the world's first computer program in the early 1800s (for the Analytical Engine mechanical computing device)
(a) Charles Babbage. (b) Blaise Pascal. (c) Lady Lovelace. (d) Nicklaus Wirth.
Explain the concept of total quality management. How is it different from the quality inspection of a final product just before being packaged?
What will be an ideal response?