In Sage 50, Complete the following General Journal transactions dated March 4, 2017:

Transfer the funds currently in the Insurance Expense account (5685) to the Prepaid Expenses account (1320). Open the Chart of Accounts in the Company module to look up the balance of the account. Use Correction for the Source field.

Complete a recurring entry to set up and post a monthly transfer of 1/12th of the total insurance amount from the Prepaid Expenses account to the Insurance Expense account (1,680.00/12 = 140.00). View the recurring entry to ensure it is included in the list of Recurring entries. Make up a logical name for the recurring transaction name.

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Generally accounting concept is based on the merchantile system of accounting which states that the ... View the full answer