On October 1, 2019 your company paid its insurance agent P2,400 for the annual insurance premium covering the twelve-month period beginning on December I. 1. Prepare the initial entries to record the payment of insurance. 2. What date should be used to record the December adjusting entry? 3. What are the accounts involved in the adjusting entries? 4. Prepare the adjusting entries. 5. How much is the adjusted balance of the Prepaid Insurance?

On October 1, 2019 your company paid its insurance agent P2,400 for the annual insurance premium covering the twelve-month period beginning on December I. 1. Prepare the initial entries to record the payment of insurance. 2. What date should be used to record the December adjusting entry? 3. What are the accounts involved in the adjusting entries? 4. Prepare the adjusting entries. 5. How much is the adjusted balance of the Prepaid Insurance?

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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