Nestor Alegre has insured his truck and building with Stronghold Insurance Co. The following data relates...
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Nestor Alegre has insured his truck and building with Stronghold Insurance Co. The following data relates to the insurance coverage and premium payments: Property Insured Building Truck Date of Coverage June 1,2021-June 1,2022 Oct,1,2021-Oct.1,2022 Amount Paid P12,000 6,000 Requirement: 1.How much is the expired portion of the insurance premium payment on December 21, 2021? 2.At what amount will the Prepaid Insurance or Unexpired insurance show in the Balance Sheet as of December 31,2021. 3.Assuming that the insurance of the building was paid on May 28,2021 using the asset method, what is the adjusting entry on December 31,2021? 4.Assuming that the insurance of the truck was paid on on October 2,2021,using the expense method,what is the adjusting entry on December 31,2021? Nestor Alegre has insured his truck and building with Stronghold Insurance Co. The following data relates to the insurance coverage and premium payments: Property Insured Building Truck Date of Coverage June 1,2021-June 1,2022 Oct,1,2021-Oct.1,2022 Amount Paid P12,000 6,000 Requirement: 1.How much is the expired portion of the insurance premium payment on December 21, 2021? 2.At what amount will the Prepaid Insurance or Unexpired insurance show in the Balance Sheet as of December 31,2021. 3.Assuming that the insurance of the building was paid on May 28,2021 using the asset method, what is the adjusting entry on December 31,2021? 4.Assuming that the insurance of the truck was paid on on October 2,2021,using the expense method,what is the adjusting entry on December 31,2021?
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1 To determine the expired portion of the insurance premium payment as of December 21 2021 we need t... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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