Sir ask ko lang kung yung "Cash" ay sa P15 imultiply hindi sa P20 na remittance, then if yan yung gagamitin sa cash then "premium expense" ay imultiply sa P80. Curious Question lang po
Sir, question lang if hindi po ba yung balance na nasa estimated premium liability ng 2022 ang magiging part ng debit entry pag nag distribute na ng premiums ng 2023. for examp: DR Premiums exp, DR Est. Prem. Liab., CR Premiums.
Correct, david 🙂 this is also the appropriate journal entry. However, applicable ito if walang reversing entries na ginawa for January 1, 2023. Hope it helps ♥️
Sir ask ko lang kung yung "Cash" ay sa P15 imultiply hindi sa P20 na remittance, then if yan yung gagamitin sa cash then "premium expense" ay imultiply sa P80. Curious Question lang po
Thabk you po
You're welcome, Caren! 🙂🫶
Sir, question lang if hindi po ba yung balance na nasa estimated premium liability ng 2022 ang magiging part ng debit entry pag nag distribute na ng premiums ng 2023. for examp: DR Premiums exp, DR Est. Prem. Liab., CR Premiums.
Correct, david 🙂 this is also the appropriate journal entry. However, applicable ito if walang reversing entries na ginawa for January 1, 2023. Hope it helps ♥️
Sir hindi po ba mag rereversing entries sa 2023??
Pwede naman may reversing entries, cyrill 🙂. Ang reversing entry is optional step sa accounting cycle. Hope it helps! ❤️