Bookkeeper Question:
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Tell me in cash basis accounting, how would your 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.

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Suppose if the bank account is off $0.92. How long will you spend looking for the problem and what steps will you take to find it?Tell me how would you record a $1200 annual insurance premium using accrual accounting?