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Q. Show Effects of transaction?
A prepaid insurance, asset, increases (debited) and cash, decreases (credited), asset by USD 2400. The debit is to Prepaid Insurance relatively than Insurance Expense because the policy covers more than the current accounting period of December (insurance policies are usually paid one year in advance). As you will observe in section 3 prepaid items are expensed as they are used. If this insurance policy was merely written for December the entire USD 2400 debit would have been to Insurance Expense.
what is accounting equation and introduction
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on..
I am requesting for literature review and past studies on CDS.
You should have recorded in your cash books all amounts you've really received and payments you've really made. Though the cash books may be incomplete as your bank may have put ex
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