Question
In April a business records the monthly cost of their annual insurance premium. The entire years premium was paid on January 1. In order to
In April a business records the monthly cost of their annual insurance premium. The entire years premium was paid on January 1. In order to properly record this transaction which of the following journal entries are accurate?
- Debit Prepaid Insurance, Credit Insurance Expense, Credit Checking Account (Cash)
2. Debit Insurance Expense, Credit Checking Account (Cash)
3. Debit Prepaid Insurance, Debit Insurance Expense, Credit Checking Account (Cash)
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A Guide To Risk Based Internal Audit System In Banks
Authors: CA Shiva Chaudhari
1st Edition
1947498649, 978-1947498648
