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DanielleElmas [232]
2 years ago
7

An effective accounting system should identify and record only the valid transaction of the entity that occurred in the current

period, which relates to the
Business
1 answer:
mihalych1998 [28]2 years ago
8 0

Answer:

Existence or occurrence assertion

Explanation:

In simple words, The existence as well as occurrence allegation determines whether assets and liabilities occur at a specific date and if activities have been documented. If fraudulent sales were reported, there would be a deception. Exaggeration of financial stating parts is a major risk here.

Thus, from the above we can conclude that the correct answer is existence or occurrence assertion

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Answer:

The Journal entries are as follows:

(1)

Equipment A/c       Dr. $71,890

To cash                                           $3,790

To accounts payable                     $68,100

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(2)

Prepaid Insurance A/c    Dr. $1,090

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So here is the answer of the given question above:
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