PLEASE ANSWER ASAP! TY The Prepaid Insurance account has a debit balance on December 31, 2020 of P90,000 representing premium for 3 years fire insurance policy effective April 1, 2020. The adjustments is: a. Debit to Insurance Expense P7,500. Credit to Prepaid Insurance P7,500. b. Debit to Prepaid Insurance P7,500. Credit to Insurance Expense P7,500. c. Debit to Insurance Expense P22,500. Credit to Prepaid Insurance P22,500. d. Debit to Prepaid Insurance P7,500. Credit to Insurance Expense P7,500.

PLEASE ANSWER ASAP! TY The Prepaid Insurance account has a debit balance on December 31, 2020 of P90,000 representing premium for 3 years fire insurance policy effective April 1, 2020. The adjustments is: a. Debit to Insurance Expense P7,500. Credit to Prepaid Insurance P7,500. b. Debit to Prepaid Insurance P7,500. Credit to Insurance Expense P7,500. c. Debit to Insurance Expense P22,500. Credit to Prepaid Insurance P22,500. d. Debit to Prepaid Insurance P7,500. Credit to Insurance Expense P7,500.

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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