You are working on the accounting records of a business for the year ended 31 May 2018. You are looking into insurance expenses for the year.

i) There was a prepayment for insurance of P180 on 31 May 2017.

ii) The cash book – credit side shows that in the year ended 31 May 2018 P2,300 was paid for insurance.

iii) However, this includes P250 for the year ending 31 May 2019.

Prepare the insurance expenses account for the year ended 31 May 2018 

Answer rating: 100% (QA)

To prepare the insurance expenses account for the year ended 31 May 2018 we need to consider the pre... View the full answer