Question: Task 1 ('5 marks): [in lat October, 202 1 an entity N made payment in amount of 1,800 euro for an insurance policy covering one

Task 1 ('5 marks): [in lat October, 202 1 an entity N made payment in amount of 1,800 euro for an insurance policy covering one year, which takes effect on lst October till 30 September, 2022. You are required to Show: v/ To record the transaction on the lat October, 202 1; / Insurance expenses in the Income statement for the year ended 3 1 December 2021; V' How this transaction will be recorded in the balance sheet at the 3 1 December 202 1

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