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3 Date 02/01/2023 Transaction Pay Phoenix Insurance $600 for 6 months of liability insurance using the company VISA credit card. Add Phoenix Insurance as a new Vendor. Record full amount as Liability Insurance Expense. a. What are the Accounts and Amounts Debited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. b. What are the Accounts and Amounts Credited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. Debit Credit Account Checking Insurance: Liability Insurance Expense VISA Credit Card $ $ Amount 600.00 600.00

3 Date 02/01/2023 Transaction Pay Phoenix Insurance $600 for 6 months of liability insurance using the company VISA credit card. Add Phoenix Insurance as a new Vendor. Record full amount as Liability Insurance Expense. a. What are the Accounts and Amounts Debited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. b. What are the Accounts and Amounts Credited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. Debit Credit Account Checking Insurance: Liability Insurance Expense VISA Credit Card $ $ Amount 600.00 600.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3 Date 02/01/2023 Transaction Pay Phoenix Insurance $600 for 6 months of liability insurance using the company VISA credit card. Add Phoenix Insurance as a new Vendor. Record full amount as Liability Insurance Expense. a. What are the Accounts and Amounts Debited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. b. What are the Accounts and Amounts Credited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. Debit Credit Account Checking Insurance: Liability Insurance Expense VISA Credit Card $ $ Amount 600.00 600.00
Transcribed Image Text:3 Date 02/01/2023 Transaction Pay Phoenix Insurance $600 for 6 months of liability insurance using the company VISA credit card. Add Phoenix Insurance as a new Vendor. Record full amount as Liability Insurance Expense. a. What are the Accounts and Amounts Debited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. b. What are the Accounts and Amounts Credited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. Debit Credit Account Checking Insurance: Liability Insurance Expense VISA Credit Card $ $ Amount 600.00 600.00
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