ABC Co. receives invoice for Insurance on quarterly basis (March, June, Sept and December). Quarterly invoice is amounting to Php 3,000.00

How much Insurance expense should be accrued in February?

On March 1, 2006, the premium on a two-year insurance policy on equipment was paid amounting to $1,800. At the end of 2006 (end of the accounting period), the financial statements for 2006, would report Insurance expense, $750; Prepaid insurance $1,050. Insurance expense, $900; Prepaid insurance $900. Insurance expense, $1,800; Prepaid insurance $0. d. Insurance expense, $0; Prepaid insurance $1,800. è un

17. On April 1, 2007, the premium on a one-year insurance policy on a building was paid amounting to $6,000. At the end of 2007 (end of the accounting period), the financial statements for 2006, would report A. Insurance expense, $6,000; Prepaid insurance $0. B. Insurance expense, $0; Prepaid insurance $6,000. C. Insurance expense, $1,500; Prepaid insurance $4,500. D. Insurance expense, $4,500; Prepaid insurance $1,500.

A calendar year company paid $24,000 on October 1, 2012 topurchase two years of insurance coverage for its retail shop. Theprepayment was initially recorded as an asset.

A.) What adjusting journal entry is necessary at December 31st,2012?

B.) How much will be reported on the balance sheet at December31st, 2012 for prepaid insurance?

C.) How much will reported on the income statement at December31st, 2012 for insurance expense?

D.) What adjusting journal entry is necessary at December 31,2013?

E.) How much will be reported on the balance sheet at December31,2013 for prepaid insurance?

F.) How much wil be reported on the income statement at December31, 2013 for insurance expense?