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What the amount reported as prepaid insurance and expense

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Question 1: On November 1, 2019, MNO Co. paid P360,000 to renew its insurance policy for three years. On December 31, 2019, MNO unadjusted trial balance showed a balance of P9,000 for prepaid insurance and P441,000 for insurance expense. On December 31,2019, the amount reported as prepaid insurance and insurance expense, respectively is ________ and ________?

Reference no: EM132551492

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