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When a prepayment is made for an insurance policy using the alternative method, the debit is made to the Insurance Expense account. Question 7 options:
When a prepayment is made for an insurance policy using the alternative method, the debit is made to the Insurance Expense account.
Question 7 options:
True False
When the original entry for prepaid insurance is debited to Insurance Expense, the adjusting entry would debit Insurance Expense and credit Prepaid Insurance.
Question 8 options:
True False
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