Accountancy, asked by monikaprakash2512, 1 month ago

insurance premium due but not paid journal entry​

Answers

Answered by Manav1235
0

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The accounting rule applied is “credit the increase in liability” and “debit the increase in expense” (modern rules of accounting). They are also known as expenses due but not paid and should be shown in the financial books to avoid overstatement of earnings

Answered by itzmecutejennei
4

Answer:

The accounting rule applied is “credit the increase in liability” and “debit the increase in expense” (modern rules of accounting). They are also known as expenses due but not paid and should be shown in the financial books to avoid overstatement of earnings.

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