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What was the total amount of insurance premiums paid

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Reference no: EM132789570

Under Maurice Sabio Vintage Clothing Services accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial reports, Maurice Sabio makes monthly estimated charges to insurance expenses with credits to prepaid insurance.

Additional information for the year ended Dec. 31, 2019 is as follows:

Prepaid insurance at Dec. 31, 2018 P110,000

Charges to insurance expense during 2019 (including a year 437,500 end adjustment of P10,500)

Prepaid insurance at Dec. 31, 2019 120,500

Problem 1: What was the total amount of insurance premiums paid by Maurice Sabio during 2019?

a. P327,500

b. P427,000

c. P437,500

d. P448,000

Reference no: EM132789570

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