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Prepare the original adjusting entries and solutions

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Reference no: EM132670311

Question: The following transactions pertained to DEF Tracking Services for the year ending December 31, 2019:

a. Paid P45,000 for a two-year earthquake insurance policy to commence on March 1. The amount of premium was debited to Insurance Expense.

b. Paid P60,000 for a two-year earthquake insurance policy to commence on April 1. The amount of premium was debited to Prepaid Insurance.

c. Received an P77,400 cash advance for a contract to provide services in the future. The contract required a three-year commitment, starting July 1. The amount received was credited to Unearned Service Revenue.

d. Received an P77,400 cash advance for a contract to provide services in the future. The contract required a three-year commitment, starting August 1. The amount received was credited to Service Revenue.

Required: Prepare the original, adjusting entries and solutions.

Reference no: EM132670311

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