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For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entry accounting system: Transaction: Garcia Company

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For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entry accounting system: Transaction: Garcia Company received and paid bill for insurance policy premium covering the next six months, $1,800. Which two accounts are affected? Choose one What kind of accounts are they? Choose one Do the account balances increase or decrease? Increase Decrease Choose one Choose one Increase Decrease Do we debit or credit the accounts? Debit Credit Debit Credit

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