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what amount should Thrift report as prepaid expenses?

what amount should Thrift report as prepaid expenses?

FINANCIAL ACCOUNTING
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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An analysis of Thrift Corp.’s unadjusted prepaid expense account at December 31, 2020, revealed the following: An opening balance of ₱1,500 for Thrift’s comprehensive insurance policy. Thrift had paid an annual premium of ₱3,000 on July 1, 2019. A ₱3,200 annual insurance premium payment made July 1, 2020. A ₱2,000 advance rental payment for a warehouse Thrift leased for one year beginning January 1, 2021. In its December 31, 2020 balance sheet, what amount should Thrift report as prepaid expenses?

 

a. P5,200

b. P3,600

c. P2,000

d. P1,600

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