please answer in detail.how to record a journal entry this on 30/06/21RestaurantDue to surplus cash in the bank account, on 1 June 2021, TheUnit Trust prepaid its insurance premium for the next 12 months totalling $13,200(GST-inclusive)By making this payment, this means that the restaurant's insurance is prepaid until31 May 2022. Belinda recorded the following journal entry in MYOB on 1 June 2021:DATEPARTICULARSPOSTREFDEBITCREDIT1 JuneInsurance expense6-1110GST receivable2-1040Cash at bank - Bank of Brisbane1-101013,200(Prepayment of insurance policy for thenext 12 months)30/JuneInSulance expense1.000plepaid insuranceIgnore any GST consequences. If any adjusting entries are required, pleaserecord this entry in the general journal in MYOB.Note: There are 30 days from 1 June 2021 to 30 June 2021.12,0001,200

As the payment for insurance is made for 12 months, so at the end of Jun the insurance expense…

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Business

Accounting

please answer in detail. how to record a journal entry this on 30/06/21

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PA: Prepare journal entries to record the following transactions. Create a T-account for Prepaid...

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Prepare journal entries to record the following transactions. Create a T-account for Prepaid Insurance, post any entries that affect the account, and tally the ending balance for the account (assume Prepaid Insurance beginning balance of $9,000). A. April 1, paid cash for one-year policy, $18,000 B. December 31, unexpired premiums, $4,500
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