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8. Your business pays one-year insurance of P360,000 on September 1, 20x1. Requirements: i. Asset method ii. Expense method b. Provide the adjusting entries on

8. Your business pays one-year insurance of P360,000 on September 1, 20x1.

Requirements:

i. Asset method

ii. Expense method

b. Provide the adjusting entries on December 31, 20x1 under each of the methods listed above.

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