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If the business has the shipping insurance paid the inventory they purchased, the accounting entry will be OA. Dr. Insurance Exp and Cr. Cash OB.
If the business has the shipping insurance paid the inventory they purchased, the accounting entry will be OA. Dr. Insurance Exp and Cr. Cash OB. Dr. Prepaid Insurance and Cr. Cash OC. Dr. Shipping expense and Cr. Cash OD. Dr. Inventory and Cr. Cash
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