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No, not unless you deducted the cost of the insurance on your taxes.

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No, not unless you deducted the cost of the insurance on your taxes.

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Received 4000 on credit account during the month of june?

Ans):- Cash A/c Dr

To Loan A/c

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yes

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The answer is in your question actually. If you received cash on account the asset of CASH will increase, while the asset of Account Receivable will decrease.

Since you received cash it is assumed that they paid you cash on a balance that they owed you, so the journal entry would be a debit to cash (increase) and a credit to accounts receivable (decrease)

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no

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