Problem: The company paid one - year fire insurance amounting to P12,000 on August 01, 2020. Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the asset method. Dr. 1 4 Cr. 2. Record the adjusting entry for the year December 31, 2020 under the expense method. Dr. 5 8 Cr.

Problem: The company paid one - year fire insurance amounting to P12,000 on August 01, 2020. Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the asset method. Dr. 1 4 Cr. 2. Record the adjusting entry for the year December 31, 2020 under the expense method. Dr. 5 8 Cr.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 29P

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