1 U 12. C Overstated No Effect Undetermined Understated Overstated 1 1 3 No Effect Undetermined Understated Overstated 1 H 11 1 1 1 4 1 I | 1 5 5. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: EXPENSES 6 1₁ 6. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: NET INCOME
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- 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 titles2. 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 titles3. 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.…1. What is the net overstatement/(understatement) of KnK for the year ended December31, 2022? 2. What adjusting entry is necessary to correct KnK’s financial statements for the yearended Dec 31, 2022 ?1. How much is the adjusted balance of the allowance for doubtful accounts as of December 31, 2005? 2. The necessary adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2005 would include:
- 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) Prepaid Insurance and (CR) Cash. 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 P1,200.00. 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 insurance as P21,000.. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titlesrequired: 1.By how much would the December 31, 2021 retained earnings be misstated ifno adjustments were made for the above errors? 2.Compute for the adjusted net income for the year 2021.Failure to prepare an adjusting entry at the end of the period to record an accured expense would casue: (Choose all of the correct ones) A. An understatement of libailities B. An overstatement of revenue C. An understatement of expenses D. An overstatement of net income E. An overstatement of assets
- Prepaid Insurance of P 60,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? Debit - Retained Earnings, P 60,000; Credit - Insurance Expense, P 60,000. Debit - Prepaid Insurance, P 60,000; Credit - Retained Earnings, P 60,000. Debit - Insurance Expense, P 60,000; Credit - Retained Earnings, P 60,000. No adjusting entry is necessaryWhat is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18630, and unexpired amounts per analysis of policies of $6110? A) Debit Insurance Expense, $18630; Credit Prepaid Insurance, $18630. B) Debit Insurance Expense, $12520; Credit Prepaid Insurance, $12520. C) Debit Prepaid Insurance, $12520; Credit Insurance Expense, $12520. D) Debit Insurance Expense, $6110; Credit Prepaid Insurance, $6110.39- Which of the following is created by the adjusting entry to recognize interest expense incurred but not yet paid? a. Accrued asset b. Accrued expense c. Prepaid asset d. Deferred expense
- 16. How does an SME account for events after the reporting period that provide evidence of conditions that existed at the end of the reporting period? a. As adjusting events after the end of the reporting period. b. As disclosures only in the notes. c. Either a or b as an accounting policy choice. d. None of these. The PFRS for SMEs does not require SMEs to identify and account for events after the reporting period.Unexpired insurance is $1,000 , how do I put that into adjustments and adjusted trial balance ?What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18650, and unexpired amounts per analysis of policies of $5990? Debit Prepaid Insurance, $12660; Credit Insurance Expense, $12660. Debit Insurance Expense, $12660; Credit Prepaid Insurance, $12660. Debit Insurance Expense, $5990; Credit Prepaid Insurance, $5990. Debit Insurance Expense, $18650; Credit Prepaid Insurance, $18650.