Adjusting entries for prepaid insuranceThe prepaid insurance account had a balance of $3,000 at the beginningof the year. The account was debited for $32,500 for premiums onpolicies purchased during the year. journalize the adjusting entry required under each of the following alternatives for determining theamount of the adjustment: (A) the amount of unexpired insuranceapplicable to future periods is $4,800; (B) the amount of insuranceexpired during the year is $30,700.

On January 1 2020, Entity A purchased property insurance from a certain insurance company. The cost of insurance is P 120,000 and it covers the whole taxable year of 2020. If the reporting period the entity is Sep. 30, 2020, which of the following statement is correct under the circumstances?   a.Entity A shall deduct from its gross income the amount of 90,000. b.Under Lifeblood Doctrine, prepaid expenses shall be deducted in whole at the end of the accounting period. c.Under Lifeblood Doctrine, prepaid expenses shall be deducted in whole upon payment thereof. d.Entity A shall deduct from its gross income the amount of P 120,000.

Physicians’ Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $50,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, 2024, Physicians’ estimates uncollectible accounts to be 20% of accounts receivable.  Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable reported in the balance sheet.

Unearned rent has a credit balance of P240,000 composed of the following: January 1 balance of P45,000 representing advance rent for four months, January to April. A credit of P195,000 representing advance rental payment for twelve(12) months beginning May 1. The December 31 adjusting entry will require a debit to Unearned Rent and a credit to Rent Revenue of: P175,000 P45,000 P240,000 P191,250