Question

Several prepayments were made by the business and were recorded as expense. These were: P24x400 for the one-vcar insurance of furniture and fixtures, dated January 1 of the current voar: P36.900 for the two-vcar insurance of delivery truck, dared March 1, and I'36.000 for a wear's insurance of all equipment, dured March 15. your answer​

Answer 1

Answer:

Explanation:

A prepaid expense is carried on an insurance company's balance sheet as a current asset until it is consumed. That's because most prepaid assets are consumed ...