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Sagot :
Following Adjustments are being shown below.
Which two accounts are affected ?
- Prepaid insurance
What kind of accounts are they?
- Current asset
Do the account balances increase or decrease?
- Increase
Do we debit or credit the accounts?
- Debit
Since insurance is paid in advance for the upcoming six months, the account that will be debited will be a prepaid insurance account.
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