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need answer from numbers 1-3. Thank you 1. The company paid one-year fire insurance amounting 12,000 on Aug 01, 2020. record the adjusting entry for
need answer from numbers 1-3. Thank you
1. The company paid one-year fire insurance amounting 12,000 on Aug 01, 2020. record the adjusting entry for the year December 31,2020 under the asset method. Record the adjusting entry for the year December 31, 2021 under the expense method. Choose from the following account: Insurance expense Prepaid insurance 2. The company purchased office supplies on September 01, 2021 amounting to 30,000 on December 31,2020 the unused office supplies is 8,000. record the adjusting entry for the year December 31,2020 under the expense method. Record the adjusting entry for the year December 31, 2020 under the asset method. Choose from the following accounts: Office supplies Offlice supplies expense 3. A customer made an advance payment for the order goods amounting to 480,000 on November 07 as of December 31, the company has shipped 70% of the ordered goods. record the adjusting entry for the year December 31, 2020 under the liability method. Record the adjusting entry for the year December 31,2020 under the revenue method. Choose from the following accounts: Deferred revenue Sales Step by Step Solution
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