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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.
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Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
I need help with transaction 4
Calculate the amount of interest for each of the following independent situations (assume 365 days per year): a)
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