Action Accounting
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Patricia Green's Organic Fruit and Vegetable Stall
Double Entry: Transaction 5 / of 8
Scene 19
/ of 60
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Double Entry
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Balancing Accounts
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Trial Balance
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Income Statement
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Balance Sheet
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Completed Financial Statements
Transaction: October 2nd, insurance premium of €180 was paid by cheque on October 2.
Which account should be debited?
Bank Account
Insurance Account
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That's correct.
Insurance is an expense. Increases in expenses are entered on the debit side.
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Insurance is an expense. Increases in expenses are entered on the debit side.
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