Use the following account titles: Professor Score: 1 On March 1, 20xx, Boracay Ocean Park Hotel paid for 1 year fire insurance premium, Required A. Assume that the transactions was initially recorded as Asset, P84,000.00 a. Prepare the original entry on March 1, 20xx, b. Prepare the adjusting entry on March 31, 20xx, c. Prepare the closing entry on March 31, 20xx B. Assume that the transaction was initially recorded as Expense, a. Prepare the original entry on March 1, 20xx, b. Prepare the adjusting entry on March 31, 20xx, c. Prepare the closing entry on March 31, 20xx, and d. Prepare the reversing entry on April 1, 20xx. Use the following account titles: Cash Prepaid Insurance Expense - Insurance Revenue and Expense Summary 2. Mar 27, 20xx Boracay Ocean Park Hotel received cash from VIP client, Miguel Pangilinan, as advance payment / reservation for 3 rooms, 7 days accommodation, beginning Mar 28 - Apr 3, 20xx, P117,600.00 5 Required: A. Assume that the transactions was initially recorded as Liability: a. Prepare the original entry on March 27, 20xx, b. Prepare the adjusting entry on March 31, 20xx, c. Prepare the closing entry on March 31, 20xx d. Prepare the entry on April 3, 20xx B. Assume that the transaction was initially recorded as Income a. Prepare the original entry on March 27, 20xx, b. Prepare the adjusting entry on March 31, 20xx, c. Prepare the closing entry on March 31, 20xx, and d. Prepare the reversing entry on April 1, 20xx. e. Prepare the entry on April 3, 20xx Unearned Hospitality Revenue Hospitality Revenue Revenue and Expense Summary Cash 235