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aksik [14]
1 year ago
11

for the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entr

y accounting system: transaction: walker company received $6,400 payment from a customer on account.
Business
1 answer:
Andrew [12]1 year ago
4 0

Following Adjustments are being shown below.

<u>Which two accounts are affected ?</u>

  • Prepaid insurance

<u>What kind of accounts are they? </u>

  • Current asset<em> </em>

<u>Do the account balances increase or decrease? </u>

  • Increase

<u>Do we debit or credit the accounts? </u>

  • Debit

Since insurance is paid in advance for the upcoming six months, the account that will be debited will be a prepaid insurance account.

To learn more about Journalizing, Click the links.

brainly.com/question/27159868

brainly.com/question/18684550

#SPJ4

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