Tell Me In Cash Basis Accounting, How To Record A $1200 Annual Insura

1.	Tell Me In Cash Basis Accounting, How To Record A $1200 Annual Insurance Premium?
Answer» The RIGHT answer for CASH BASIS is debit INSURANCE expense $1200, credit cash or accounts PAYABLE. All bookkeepers should get this right. The right answer for cash basis is debit insurance expense $1200, credit cash or accounts payable. All bookkeepers should get this right.

Tell Me In Cash Basis Accounting, How To Record A $1200 Annual Insurance Premium?

Answer»

The RIGHT answer for CASH BASIS is debit INSURANCE expense $1200, credit cash or accounts PAYABLE. All bookkeepers should get this right.

The right answer for cash basis is debit insurance expense $1200, credit cash or accounts payable. All bookkeepers should get this right.