Question 38 1.5 pts The company paid insurance premium for P120,000 on April 1 of the current year and debited the same to Prepaid Insurance. On December 31, year-end, the company prepared an adjusting entry crediting Prepaid Insurance for P45,000. Which of the following statements is CORRECT? The unexpired insurance as of the current year-end is P45,000. The entire insurance amount is good for nine months. The expired insurance for the current year is P45,000 O The annual insurance expense is P45,000. > Question 37 1.5 pts In the company's books, which of the following will most likely NOT require an adjusting entry related to a prepaid expense? O A three-year premium on fire insurance policy paid by the company O Supplies still on hand in the company office O A one-year advertising contract paid by the company O Subscription received in advance by the company