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What was the total amount of insurance premiums paid by gaap

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Problem 1: Under GAAP Company's accounting system, all insurance premiums paid are debited to Prepaid Insurance. For interim financial reports, GAAP makes monthly estimated charges to insurance expense with credits to Prepaid Insurance. Additional information for the year ended December 31, 2017, is as follows: Prepaid Insurance at December 31, 2016 P105,000 Charges to insurance expense during 2017 (including a year-end adjustment of P27,500) 437,500 Prepaid Insurance at December 31, 2017 122,500 What was the total amount of insurance premiums paid by GAAP during 2017?

Reference no: EM132625206

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