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What the adjusting entry required on november

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Reference no: EM132625200

Bannister Inc.'s fiscal year ended on November 30, 2009. The balance in the prepaid insurance account as of November 30, 2009, was P35,200 (before adjustment) and consisted of the following policies:

Policy Date of Date of Balance in Number Purchase Expiration Account

7/1/2009 279248

6/30/2010 P14,400

12/1/2007 694421

11/30/2009 9,600

4/1/2008 800616

3/31/2009 11,200 P35,200

Problem 1: The adjusting entry required on November 30, 2009, would be

 

Reference no: EM132625200

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