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Edge Company paid P18,000 on a three-year insurance policy on September 1, 201A. The effectivity of the policy begins on September 1, 201A. Under cash
- Edge Company paid P18,000 on a three-year insurance policy on September 1, 201A. The effectivity of the policy begins on September 1, 201A.
- Under cash basis of accounting, how much insurance expense shall be reported for each of the following years?
201A: 201C:
201B: 201D:
- Under the accrual basis of accounting.
201A: 201C:
201B: 201D:
- Assuming cash basis.
December 31, 201A: December 31, 201C:
December 31, 201B: December 31, 201D:
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Financial Accounting
Authors: Anne Britton, Chris Waterston
4th Edition
0273703609, 978-0273703600
