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 th 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] Question 4: What would be the adjusting entry if the error is discovered in year 2023? [ Select] Question 5: VWhat would be the adjusting entry if the error is discovered in year 2024? [Select] V [ Select ] Debit Retained Earnings, P 120,000; Credit Prepaid Insurance Expense, P 120,000 « Previ Nex Debit - Prepaid Insurance Expense, P 120,000; Credit - Insurance Expense, P 120,000 Qu Sub No AJE is necessary because the error already counterbalanced. Debit - Insurance Expense, P 120,000; Credit - Retained Earnings, P 120,000 tions

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 th 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] Question 4: What would be the adjusting entry if the error is discovered in year 2023? [ Select] Question 5: VWhat would be the adjusting entry if the error is discovered in year 2024? [Select] V [ Select ] Debit Retained Earnings, P 120,000; Credit Prepaid Insurance Expense, P 120,000 « Previ Nex Debit - Prepaid Insurance Expense, P 120,000; Credit - Insurance Expense, P 120,000 Qu Sub No AJE is necessary because the error already counterbalanced. Debit - Insurance Expense, P 120,000; Credit - Retained Earnings, P 120,000 tions

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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