Question: Problems on Deferrals: On August 1, 2019, Naneth Cabural Co. insured its property with Consolidated Insurance Company and pays premium of P24,000 for a one-year

Problems on Deferrals: On August 1, 2019, Naneth Cabural Co. insured its property with Consolidated Insurance Company and pays premium of P24,000 for a one-year policy contract covering the period from Aug. 1, 2019 to August 1, 2020. The accounting period ends on December 31, 2019. Prepare original and adjusting entry using: 1. Asset Method 2. Expense Method

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