6:03 PM 2 l 令65) docs.google.com/forms/d/e/1FA a. Paid P24,000 for a 1-year fire insurance policy to commence on Sept. 1. The amount of premium was debited to Prepaid Insurance. Increases Decreases...

Extracted text: 6:03 PM 2 l 令65) docs.google.com/forms/d/e/1FA a. Paid P24,000 for a 1-year fire insurance policy to commence on Sept. 1. The amount of premium was debited to Prepaid Insurance. Increases Decreases Asset Liability Owner's Equity Income Expense b. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Ajeno Savings Bank on Oct. 1. Principal and interest will be paid after 1-year. Increases Decreases


Extracted text: 6:03 PM 2 l 令65) docs.google.com/forms/d/e/1FA c. Paid P160,000 cash to purchase a delivery van (surplus) on Jan. 1. The van was expected to have a 3-year life and a P10,000 salvage value. Depreciation is computed on a straight-line basis. Increases Decreases Asset Liability Owner's Equity Income Expense d. Received an P18,000 cash advance for a contract to provide services in the future. the contract required a 1-year commitment, starting Apr. 1. Increases Decreases