Question: ADJUSTING ENTRIES Analyze the items below. Write your answers on the space provided. 1. Edge Company paid P18,000 premium on a three-year insurance policy on

ADJUSTING ENTRIES Analyze the items below. Write your answers on the

ADJUSTING ENTRIES Analyze the items below. Write your answers on the space provided. 1. Edge Company paid P18,000 premium on a three-year insurance policy on September 1, 201A. The effectivity of the policy begins on September 1, 201A. a. Under the Cash basis of accounting, how much insurance expense shall be reported for each of the following years? 201A 201C 201B 2010 b Under the accrual basis of accounting, how much insurance expense shall be reported each of the following years? 201A 2010 201B 2010 C. Assuming a cash basis, how much of the premium will appear as an asset on the balance sheet of each of the following dates? December 31, 201A December 31, 2010 December 31, 2013 December 31, 2010 d. Assuming accrual basis, how much of the premium will appear as an asset on the balance sheet of each of the following dates? December 31, 201A December 31, 2010 December 31, 201B December 31, 201D

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