The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles
1. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P21,000 and (CR) Cash, P21,000.00.
a. Transposition
b. Transplacement
c. No error
d. Error of Omission
e. Error of account titles
2. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P21,000 and (CR) Cash, P21,000.00.
a. Transposition
b. Transplacement
c. No error
d. Error of Omission
e. Error of account titles
3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P120,000.00 and (CR) Cash, P120,000.00
a. Transposition
b. Transplacement
c. No error
d. Error of Omission
e. Error of account titles
4. The company uses expense method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P120,000.00 and (CR) Cash, P120,000.00
a. Transposition
b. Transplacement
c. No error
d. Error of Omission
e. Error of account titles
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