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 ]

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 16E: Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and...

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Abrat Company failed to accrue an allowance for doubtful accounts of 13,500 in 2019. Upon discovery of this error in 2020 prior to making its estimate of doubtful accounts, what correcting journal entry should Abrat make? Ignore income taxes.
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