Acai Chapter 17 Questionnaires
Acai Chapter 17 Questionnaires
Exercises
The entire amount of P105,000 was charge to rent expense in 20X7. What portion of the
payments should Rhan have deferred to years subsequent to 20X7?
a. 35,000
b. 85,000
c. 94,000
d. 95,000
Problems
*For construction of hospital to ensure that Raven will complete the project.
*Beneficiary is Company.
*Beneficiary is officer’s wife.
Required:
1) Prepare an Insurance Schedule for 12-21-20x3, showing in addition to the above
information, the amount prepaid and the expense for the year.
2) Prepare journal entries to record the proper amount of expense for 20x3 an create the
correct balance of Prepaid Insurance.
Problem 2
As of December 31,20x5, the Insurance Expense account on the records of the Queen Company
has a debit balance of P46,220. A Prepaid Insurance account is not carried; all premium is charged
to expense as they are paid.
Based on the examination of the policies listed in the table below, prepare (a) an insurance schedule
an (b) the adjusting entry or entries to set up the prepaid insurance properly.