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On January 17th 2021, Muscat Company Paid OMR 5,000 for a one-year insurance policy. The Journal Entry should be: Select one: Select one: O a.
On January 17th 2021, Muscat Company Paid OMR 5,000 for a one-year insurance policy. The Journal Entry should be: Select one: Select one: O a. DEBIT Cash OMR 5,000 and CREDIT Prepaid Insurance Expense OMR 5,000 O b. DEBIT Prepaid Insurance Expense OMR 5,000 and CREDIT Cash OMR 5,000 c. DEBIT Cash OMR 5,000 and CREDIT Insurance Expense OMR 5,000 d. DEBIT Insurance Expense OMR 5,000 and CREDIT Cash OMR 5,000 e. No entry-not a transaction
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