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 <>
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Answer 2&3
![Russia Company, your client, failed to record prepaid insurance expense of P
120,000 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 the
end 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 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? ISelect]
Insurance Expense
Question 5: What would be the adjusting entry if the error is discovered in year
2024? ISelect]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9ef98ec-9592-4421-a415-5be3fb52487b%2Fc195aff7-5ddb-4ee8-bfd5-8ed969bca8a9%2F5238gn4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Russia Company, your client, failed to record prepaid insurance expense of P
120,000 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 the
end 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 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? ISelect]
Insurance Expense
Question 5: What would be the adjusting entry if the error is discovered in year
2024? ISelect]
![Russia Company, your client, failed to record prepaid insurance expense of P
120,000 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 the
end 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 the
end of year 2023 as a result of the error? [ Select]
Question 3: What would be the adjusting entry if the error is discovered in year
2022? [ Select]
V [ Select]
Questic
try if the error is discovered in year
Debit Insurance Expense, P
2023?
120,000; Credit Prepaid
Insurance Expense, P 120,000
Questic
try if the error is discovered in year
Debit - Prepaid Insurance, P
2024?
120,000; Credit Insurance
Expense, P 120,000
Debit - Retained Earnings, P
120,000; Credit - Prepaid
Insurance Expense, P 120,000
< Previc
Debit - Insurance Expense, P
Next ►
<>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9ef98ec-9592-4421-a415-5be3fb52487b%2Fc195aff7-5ddb-4ee8-bfd5-8ed969bca8a9%2Fg8djmoc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Russia Company, your client, failed to record prepaid insurance expense of P
120,000 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 the
end 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 the
end of year 2023 as a result of the error? [ Select]
Question 3: What would be the adjusting entry if the error is discovered in year
2022? [ Select]
V [ Select]
Questic
try if the error is discovered in year
Debit Insurance Expense, P
2023?
120,000; Credit Prepaid
Insurance Expense, P 120,000
Questic
try if the error is discovered in year
Debit - Prepaid Insurance, P
2024?
120,000; Credit Insurance
Expense, P 120,000
Debit - Retained Earnings, P
120,000; Credit - Prepaid
Insurance Expense, P 120,000
< Previc
Debit - Insurance Expense, P
Next ►
<>
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