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Expense recognition For each of the following expenses, state what the other side of the journal entry would be. If it is not an expense, write ‘no expense’.
1 Insurance expense (amount paid last year).
2 Wages (to be paid next period).
3 Advertising that appeared on TV last week and the invoice to be paid next month.
4 Dividend proposed and paid.
5 Supplies (recorded as asset supplies) used up during the period.
6 Depreciation.