Question

insurance premium due but not paid journal entry​

Answer 1

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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

Answer 2

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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