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 ] V [ Select ] Question 2: Which of the following accour the Insurance Expense end of year 2023 as a result of the error? Retained Earnings Question 3: What would be the adjusting All of the given choices 2022? [Select] Prepaid Insurance Expense Question 4: What would be the adjusting entry if the error is discovered in year 2023? [Select] Question 5: What would be the adjusting entry if the error is discovered in year 2024? I Select ]
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 ] V [ Select ] Question 2: Which of the following accour the Insurance Expense end of year 2023 as a result of the error? Retained Earnings Question 3: What would be the adjusting All of the given choices 2022? [Select] Prepaid Insurance Expense Question 4: What would be the adjusting entry if the error is discovered in year 2023? [Select] Question 5: What would be the adjusting entry if the error is discovered in year 2024? I Select ]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answer 5&1
![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 ]
[ Select ]
Question 2: Which of the following accour
the
Insurance Expense
end of year 2023 as a result of the error?
Retained Earnings
Question 3: What would be the adjusting
All of the given choices
2022? [Select]
Prepaid Insurance Expense
Question 4: What would be the adjusting entry if the error is discovered in year
2023? [Select]
Question 5: What would be the adjusting entry if the error is discovered in year
2024? I Select]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9ef98ec-9592-4421-a415-5be3fb52487b%2F60b69f20-c1ef-4c96-8bf7-c3973a6d71dd%2F0ll6zfe_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 ]
[ Select ]
Question 2: Which of the following accour
the
Insurance Expense
end of year 2023 as a result of the error?
Retained Earnings
Question 3: What would be the adjusting
All of the given choices
2022? [Select]
Prepaid Insurance Expense
Question 4: What would be the adjusting entry if the error is discovered in year
2023? [Select]
Question 5: What would be the adjusting entry if the error is discovered in year
2024? I Select]
![Belarus Company, your client, failed to record accrued rent income of P 25,000 as of
December 31, 2022.
Based on the foregoing, answer the following questions:
Question 1: Which of the following accounts is(are) understated by P 25,000 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]
Question 4: WWhat would be the adjusting entry if the error is discovered in year
2023? [ Select]
Question 5: What would be the adjusting entry if the error is discovered in year
2024? [ Select]
V [ Select ]
No AJE is necessary because
the error already
counterbalanced.
« Previr
Next
Debit - Accrued Rent
Receivable P 25,000; Credit -
Retained Earnings, P 25,000
save
Submit Qu
Debit - Rent Income, P 25,00%3B
Credit - Retained Earnings, P
25,000
Debit - Accrued rent
ions
receivable, P 25,000; Credit -
Rent Income, P 25,000
Question 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9ef98ec-9592-4421-a415-5be3fb52487b%2F60b69f20-c1ef-4c96-8bf7-c3973a6d71dd%2F0xhjn6j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Belarus Company, your client, failed to record accrued rent income of P 25,000 as of
December 31, 2022.
Based on the foregoing, answer the following questions:
Question 1: Which of the following accounts is(are) understated by P 25,000 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]
Question 4: WWhat would be the adjusting entry if the error is discovered in year
2023? [ Select]
Question 5: What would be the adjusting entry if the error is discovered in year
2024? [ Select]
V [ Select ]
No AJE is necessary because
the error already
counterbalanced.
« Previr
Next
Debit - Accrued Rent
Receivable P 25,000; Credit -
Retained Earnings, P 25,000
save
Submit Qu
Debit - Rent Income, P 25,00%3B
Credit - Retained Earnings, P
25,000
Debit - Accrued rent
ions
receivable, P 25,000; Credit -
Rent Income, P 25,000
Question 1
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