Q#2: On August 1, Ali Corporation purchases a six month insurance policy from the Salman Agency for PKR 4500. a. Prepare the necessary adjusting entry for Ali Corporation on August 30, assuming it recorded the August 1 expenditure as Unexpired Insurance. b. Prepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali payment as Unearned Insurance Premiums.
Q#2: On August 1, Ali Corporation purchases a six month insurance policy from the Salman Agency for PKR 4500.
a. Prepare the necessary
b. Prepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali payment as Unearned Insurance Premiums.
Q#3: How is accidental loss of goods treated in final account in case:
• Goods had not been insured or Goods have been insured and the insurance company has claims associated with it.
• Why is it necessary to keep the issue of
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