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Hi, kiranpree!
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When you purchase prepaid Insurance the journal entry is: Debit Prepaid Insurance for the amount Credit Cash for the amount. For salaries the journal entry is: Debit Salaries Payable (possibly) for the amount(if applicable) Debit Salaries Expense for the amount Credit Cash (or Payroll Cash) for the amount paid or if at the end of an accounting period Credit Salaries Payable for the amount |
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