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06-06-2023
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Select the correct accounts to be debited and credited. Today, a business paid $1,500 for a one-year insurance policy. When you record the journal entry for today’s transaction, you will debitAnswerAccounts PayableCashPrepaid InsuranceAccounts ReceivableOffice SuppliesInsurance Expense and credit AnswerOffice Supplies ExpenseInsurance ExpenseOffice SuppliesAccounts PayablePrepaid InsuranceCashAccounts Receivable

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