On Nov. 2018, five months of insurance amounting to P125,000 were paid for the period from Nov.
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Question:
On Nov. 2018, five months of insurance amounting to P125,000 were paid for the period from Nov. 1,
2018 to Mar. 31, 2019. The amount was debited to the insurance expense account. How much was the
insurance expense incurred for the year ended Dec. 31, 2018 if there was no balance in the insurance
expense account?
A. P25,000
B. P50,000
C. P75,000
D. P125,000
Expert Answer:
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