Reference no: EM133150452
Questions -
A. On August 1, 2022, Sigurista Insurance Company received 16,500 as payment for a one-year insurance premium. The insurance premium was credited to Deferred Premium Revenue (Liability Method.) The necessary adjusting entry should be made on December 31,2022 to measure properly the profit for the period.
Prepare any correcting entry if the following entry was made by the Accountant on December 31, 2022:
a. Deferred Premium Revenue 16,500
Premium Revenue 16,500
b. Deferred Premium Revenue 6,800
Cash 800
Gain on Insurance Premium 6,000
c. Premium Revenue 6,875
Premium Revenue 6,875
B. The Nakakatawang Magazines Company received 33,000 on September 15, 2022 as payment for a one-year subscription of its comedy magazine. The subscription was credited to Subscription Revenue account (Revenue Method.) The necessary adjusting entry should be made on December 31, 2022 to measure properly the profit for the period.
Prepare any correcting entry if the following entry was made by the Accountant on December 31,2022:
a. Deferred Subscription Revenue 11,000
Subscription Revenue 11,000
b. Subscription Revenue 33,000
Deferred Subscription Revenue 33,000
c. Subscription Revenue 9,675
Deferred Subscription Revenue 9,675
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