FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Selected information from the statement of financial position of OMSIM Company at November 30 and December 31, 2021 is presented below. The company uses the perpetual inventory system and all sales and purchases were made on credit.

How much is the insurance expense for the month of December?

November 30, 2021
December 31, 2021
Accounts receivable
Prepaid insurance
Merchandise inventory
Accounts payable
|Wages payable
20,000
6,000
10,000
15,000
14,000
12,000
24,000
30,000
10,000
6,000
The following cash flow information during the month of December is also available:
• Cash collected from credit customers = P160,0003;
Cash paid for insurance = P10,000
Cash paid to suppliers of inventory = P120,000;
Cash paid to employees for wages = P20,000
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Transcribed Image Text:November 30, 2021 December 31, 2021 Accounts receivable Prepaid insurance Merchandise inventory Accounts payable |Wages payable 20,000 6,000 10,000 15,000 14,000 12,000 24,000 30,000 10,000 6,000 The following cash flow information during the month of December is also available: • Cash collected from credit customers = P160,0003; Cash paid for insurance = P10,000 Cash paid to suppliers of inventory = P120,000; Cash paid to employees for wages = P20,000
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