PLEASE ANSWER ASAP! TY The Prepaid Insurance account has a debit balance on December 31, 2020 of P90,000 representing premium for 3 years fire insurance policy effective April 1, 2020. The adjustments is: a. Debit to Insurance Expense P7,500. Credit to Prepaid Insurance P7,500. b. Debit to Prepaid Insurance P7,500. Credit to Insurance Expense P7,500. c. Debit to Insurance Expense P22,500. Credit to Prepaid Insurance P22,500. d. Debit to Prepaid Insurance P7,500. Credit to Insurance Expense P7,500.

On 1/1/2021 AAUP paid insurance to Tamkin insurance company $50,000 cash for four years period. The adjusting entry on 31/12/2021 is: O a. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500. O b. Debit Insurance Expense, $50,000; Credit Prepaid Insurance, $50,000. O c. Debit Prepaid Insurance, $50,000; Credit Insurance Expense, $50,000. O d. Debit Prepaid Insurance $12,500; Credit Insurance Expense $12,500.

C The following transactions for Carleton Company ocured during January 2020: 1. Purchase two-year insurance policy for cash, $8,400 4. Paid Utilities bill recieved in December 2019, $450. 9. Peformed service account, $1,200 16. Paid Bi-monhly salary to employees, $2, 700 21. Recieved $800 from a costumer on account. 25. Recieved $600 from Janaury 9 transaction. 30, Prepared the adjusting entry for insurnace from Janaury 1 Transaction. 30. Accrued wages of $2,750. Required: show the amount on revenue and expense recognized for each transaction under both accrual basis and cash basis of accounting by completing the charts below. ACCRUAL BASIS Date Revenue Expenses CASH BASIS Date Revenue Expenses

View Policies Current Attempt in Progress On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Co. journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Debit Credit Date Account Titles and Explanation 100