The audit for the year ending December 31, 20X3, of the Raven Construction Company revealed that...

Transcribed Image Text:

The audit for the year ending December 31, 20X3, of the Raven Construction Company revealed that the present balance of Prepaid Insurance account consisted of the following policies. All insurance premiums were charged to this account. Palcy NO 0010 0020 Cara 0030 Pioneer 0040 Fortune 0000 Mayon DOSO Matino 0070 OGBO 0090 0100 Company Allet Matalino Maganda Mabuti Type of Coverage Malayan Fse and Extended-Blogs Fre and Exenced things Product Liabil Fow and Thefloventory Medical Cen Delivery Equipment Blanket Poslon Band Construction Bonding" Term Insurance on Key Personne Peso Courage Puky Duk 100.000 8-1-2002 150.000 2-1-2003 3-1-20x2 7-1-20X1 100.000 100 000 65.000 100.000 50.000 30,000 2-1-20x2 100.000 4-1-20X3 75.000 5-1-20X2 0110 Officer's Lile 50.000 9-1-20x3 0120 AFLA Officer's Life 50.000 9-1-20x3 For construction of hospital to insure that Raven will complete the project Beneficiary is Company Seneficiary is officer's wile Expiration Done 8-1-20x5 2-1-20x8 3-1-20x4 7-1-2015 8-1-2003 8-1-20x5 6-1-20x2 6-1-20X4 11-1-20x3 11-1-20x4 2-1-20x4 4-1-20x4 Amount of Premom P1872 5-1-200x6 9-1-20X4 9-1-20X4 720 768 360 1.200 240 460 196 2,150 120 120 Required: 1) Prepare an Insurance Schedule for 12-31-20X3, showing in addition to the above information, the amount prepaid and the expense for the year. 2) Prepare journal entries to record the proper amount of expense for 20X3 and create the correct balance of Prepaid Insurance. The audit for the year ending December 31, 20X3, of the Raven Construction Company revealed that the present balance of Prepaid Insurance account consisted of the following policies. All insurance premiums were charged to this account. Palcy NO 0010 0020 Cara 0030 Pioneer 0040 Fortune 0000 Mayon DOSO Matino 0070 OGBO 0090 0100 Company Allet Matalino Maganda Mabuti Type of Coverage Malayan Fse and Extended-Blogs Fre and Exenced things Product Liabil Fow and Thefloventory Medical Cen Delivery Equipment Blanket Poslon Band Construction Bonding" Term Insurance on Key Personne Peso Courage Puky Duk 100.000 8-1-2002 150.000 2-1-2003 3-1-20x2 7-1-20X1 100.000 100 000 65.000 100.000 50.000 30,000 2-1-20x2 100.000 4-1-20X3 75.000 5-1-20X2 0110 Officer's Lile 50.000 9-1-20x3 0120 AFLA Officer's Life 50.000 9-1-20x3 For construction of hospital to insure that Raven will complete the project Beneficiary is Company Seneficiary is officer's wile Expiration Done 8-1-20x5 2-1-20x8 3-1-20x4 7-1-2015 8-1-2003 8-1-20x5 6-1-20x2 6-1-20X4 11-1-20x3 11-1-20x4 2-1-20x4 4-1-20x4 Amount of Premom P1872 5-1-200x6 9-1-20X4 9-1-20X4 720 768 360 1.200 240 460 196 2,150 120 120 Required: 1) Prepare an Insurance Schedule for 12-31-20X3, showing in addition to the above information, the amount prepaid and the expense for the year. 2) Prepare journal entries to record the proper amount of expense for 20X3 and create the correct balance of Prepaid Insurance.

Answer rating: 100% (QA)

Calculate the prepaid insurance for each policy Policy No Company Type of Coverage Peso Coverage Policy Date Expiration Date Amount of Premium Months Remaining Monthly Premium Prepaid Insurance as of ... View the full answer