Prepare journal adjusting journal entries for additional information i). The Prepaid Insurance RM2,100 was...
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Accounting
Prepare journal adjusting journal entries for additional information
i). The Prepaid Insurance RM2,100 was paid on April 2020, for the coverage of 12 months from 1st April 2020 to 31st March 2021. v). Depreciation expense for equipment is calculated based on straight line method. The equipment is depreciated at 10% over cost with no residual value. The depreciation for the year 2020 has not been recorded yet in the book.
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