Creditex Ltd$.$ provides computer software services to their customers. The company closes its accounts at the end of the calendar year. The manner in which the company has recorded several transactions occurring during $2023$ is described as follows:

A$.$ On $15$ November, made full payment for a one$-$year insurance policy $($fire insurance$)$ that will take effect on $1$ January $2024.$ The cost of the policy $$12,000$ was debited to Insurance expense account.

B$.$ On $20$ November, made full payment for a one$-$year insurance policy $($theft insurance$)$ that will take effect on $1$ January $2024.$ The cost of the policy $$9,000$ was debited to Unexpired Insurance.

C$.$ On $25$ November, made full payment for a one$-$year insurance policy $($flood insurance$)$ that will take effect on $1$ December, $2023.$ The cost of the policy $$6,000$ was debited to Unexpired Insurance.

Answer rating: 100% (QA)

Answer Based on the information provided here are the appropriate accounting treatments for the transactions A On 15 November made full payment for a ... View the full answer