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If an insurance expense is incurred in February but was paid in January, the journal...

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Accounting

If an insurance expense is incurred in February but was paid in January, the journal entry recorded in January is Debit to Insurance Expense and credit to Cash Debit to Insurance Expense and credit to Insurance Payable Debit to Insurance Expense and credit to Prepaid Insurance Debit to Prepaid insurance and credit to cash

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