Solution-How much was the insurance expense incurred

How much was the insurance expense incurred

Reference no: EM132945291

Questions - Read and analyze each transaction below, then prepare an adjusting entry.

Q1. In January 2020, a P 140,000.00 check was paid for the rental expense of fourteen months The amount was recorded in the rent expense account.

a. How much is the rent expense incurred for the year ended December 31, 2020?

b. Prepare an adjusting entry for the rent expense incurred for the year ended December 31, 2020.

Q2. On November 2019, five months of insurance amounting to P 125,000.00 were paid for the period from November 1, 2019 to March 31, 2020. The amount was debited to the insurance expense account.

a. How much was the insurance expense incurred for the year ended December 31, 2019 if there was no balance in the insurance expense account?

b. Prepare an adjusting entry of the insurance expense incurred for the year ended December 31, 2019.

Reference no: EM132945291

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How much was the insurance expense incurred

Reference no: EM132945291

Reference no: EM132945291

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