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3. Accounting for CASH Company insured the lif P2,000,000, the entity E beneficiary. The annual policy was dated April 1

3. Accounting for CASH Company insured the lif P2,000,000, the entity E beneficiary. The annual policy was dated April 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. Accounting for CASH SURRENDER VALUE Hug Company insured the life of the president for P2,000,000, the entity being named as the beneficiary. The annual premium is P60,00O. The policy was dated April 1, 2015 and carried the following cash surrender value: End of policy year Cash surrender value April 1, 2016 - April 1, 2017 - April 1, 2018 60,000 April 1, 2019 84,000 April 1, 2020 116,000 The entity followed the calendar year as the accounting period. The president died on July 1, 2019 and the face of the policy was collected in July 31, 2019. Prepare the journal entries from April 1, 2015 to July 31, 2019.
Transcribed Image Text:3. Accounting for CASH SURRENDER VALUE Hug Company insured the life of the president for P2,000,000, the entity being named as the beneficiary. The annual premium is P60,00O. The policy was dated April 1, 2015 and carried the following cash surrender value: End of policy year Cash surrender value April 1, 2016 - April 1, 2017 - April 1, 2018 60,000 April 1, 2019 84,000 April 1, 2020 116,000 The entity followed the calendar year as the accounting period. The president died on July 1, 2019 and the face of the policy was collected in July 31, 2019. Prepare the journal entries from April 1, 2015 to July 31, 2019.
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