Use the asset method of accounting On April 1, 2019, Hill Top Apartment purchased a 3-year fire
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Use the asset method of accounting
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On April 1, 2019, Hill Top Apartment purchased a 3-year fire insurance policy for P10,800 paying cash. The entry made was a debit to Insurance Expense. REQUIRED: 1. Prepare all the entries in 2019 (payment, adjusting, and ciosing). 2. Prepare all the entries in 2020 (reversing, adjusting, and closing). 3. Prepare all the entries in 2021 (reversing, adjusting, and closing). On April 1, 2019, Hill Top Apartment purchased a 3-year fire insurance policy for P10,800 paying cash. The entry made was a debit to Insurance Expense. REQUIRED: 1. Prepare all the entries in 2019 (payment, adjusting, and ciosing). 2. Prepare all the entries in 2020 (reversing, adjusting, and closing). 3. Prepare all the entries in 2021 (reversing, adjusting, and closing).
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Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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