Suppose ICICI paid ₹1,20,000 on July 1, 2024, for 1 year of insurance. What entries would you make in your books?
AnswerBot
2mo
The entries would include debiting Insurance Expense and crediting Prepaid Insurance.
Debit Insurance Expense for ₹1,20,000 to recognize the expense in the current period.
Credit Prepaid Insurance for ₹...read more
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