1. A three year insurance contract was signed and the premium of P 48,000 was paid on July 02, 2016. a. Assuming the original entry made use of the asset account, give the adjusting entry for December 31, 2106 b. How much is the unexpired portions on January 01, 2017. c. How much is the unexpired portion on December 31, 2017.
1. A three year insurance contract was signed and the premium of P 48,000 was paid on July 02, 2016. a. Assuming the original entry made use of the asset account, give the adjusting entry for December 31, 2106 b. How much is the unexpired portions on January 01, 2017. c. How much is the unexpired portion on December 31, 2017.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 8P
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