Answer 2&3 Russia Company, your client, failed to record prepaid insurance expense of P120,000 as of December 31, 2022.Based on the foregoing, answer the following questions:Question 1: Which of the following accounts is(are) overstated by P 120,000 at theend of year 2022 as a result of the error? [ Select ]Question 2: Which of the following accounts is(are) overstated by P 25,000 at theend of year 2023 as a result of the error? [ Select ]V [ Select ]Question 3: What would be the adjustingPrepaid Insurance Expense2022? [ Select]None among the given choicesQuestion 4: What would be the adjustingRetained Earnings2023? ISelect]Insurance ExpenseQuestion 5: What would be the adjusting entry if the error is discovered in year2024? ISelect] Russia Company, your client, failed to record prepaid insurance expense of P120,000 as of December 31, 2022.Based on the foregoing, answer the following questions:Question 1: Which of the following accounts is(are) overstated by P 120,000 at theend of year 2022 as a result of the error? [ Select]Question 2: Which of the following accounts is(are) overstated by P 25,000 at theend of year 2023 as a result of the error? [ Select]Question 3: What would be the adjusting entry if the error is discovered in year2022? [ Select]V [ Select]Questictry if the error is discovered in yearDebit Insurance Expense, P2023?120,000; Credit PrepaidInsurance Expense, P 120,000Questictry if the error is discovered in yearDebit - Prepaid Insurance, P2024?120,000; Credit InsuranceExpense, P 120,000Debit - Retained Earnings, P120,000; Credit - PrepaidInsurance Expense, P 120,000< PrevicDebit - Insurance Expense, PNext ►<>

The client has failed to recognize prepaid insurance expenses to the tune of P 1,20,000 in the year…

Question 2: Which of the following accounts is(are) overstated by P 25,000 at the end of year 2023 as a result of the error? [ Select ] V [ Select ] Question 3: What would be the adjusting Prepaid Insurance Expense 2022? [ Select ] None among the given choices Question 4: What would be the adjusting Retained Earnings 2023? I Select] Insurance Expense <>

Question 2: Which of the following accounts is(are) overstated by P 25,000 at the end of year 2023 as a result of the error? [ Select ] V [ Select ] Question 3: What would be the adjusting Prepaid Insurance Expense 2022? [ Select ] None among the given choices Question 4: What would be the adjusting Retained Earnings 2023? I Select] Insurance Expense <>

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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