Why you are debiting and crediting the accounts

Assignment Help Accounting Basics

Reference no: EM133507303

Question: Amaze Ltd. has insured all their cars. They often pay for the insurance at the beginning of January each year. In January 2023, Alonso has the following information about the prepaid insurance account:

Opening Balance $ $2,400 1st January

Closing Balance $ $1,200 30th June

You also are told that from January to June, Amaze Ltd. recognised $4,400 in insurance expenses.

Required:

On 30 June 2023,

1. Construct all the T accounts (you will need at least two) to show all the movements relevant to this question (please ignore GST).

2.Explain the reasons why you are debiting and crediting the accounts

Reference no: EM133507303

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