Answer Posted / mudunoori

Sajeer saab You did a mistake in the second answer. Prepaid
insurance is an adjustment entry to be passed in the year
end. Insurance was already paid and entry was passed . with
your entry cash will be unnecessarily reduced to the tune
of 5000. So once again verify your answer and question. The
right answer is
Prepaid Insurance a/c Dr
Insurance a/c
(Prepaid insurance was created and reduced from insurance )

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