Homework Help: acounting

Posted by jerson on Thursday, November 6, 2008 at 8:29pm.

a) the cash payments journal used in this problem has only 3 special amount columns. Under what circumstances would you recommend that additional special amount columts to be added to a cash payments journal?

b) When insurance premiums are paid, should the debit entry be to the asset account, prepaid insurance, or to the expense account, Insurance expense? are there circumstances where either entry would be correct?

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