Problem: The company paid one - year fire insurance amounting to P12,000 on August 01, 2020. Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the asset method. Dr. 1 4 Cr. 2. Record the adjusting entry for the year December 31, 2020 under the expense method. Dr. 5 8 Cr.

Problem: The company paid one - year fire insurance amounting to P12,000 on August 01, 2020. Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the asset method. Dr. 1 4 Cr. 2. Record the adjusting entry for the year December 31, 2020 under the expense method. Dr. 5 8 Cr.

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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