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General Ledger: <br />e Show how to set up a reoccurring journal voucher. <br />(_ai,�son Response: <br />Example: Company A purchased insurance for a period from <br />July, 2006 to July 2009 and paid $72,000 cash for three -year <br />insurance premium. <br />[Journal entry on July, 2006]- via Accounts Payable Invoice <br />paid to vendor <br />Deba aa <br />prepaid irrsurarrce 72,000 <br />Cash T2,DOD <br />— Generally Accepted Accounting Principles declare that Pre -paid <br />insurance is an asset account. <br />[Journal entry on July 2006 June, 2009 (36 periods)] <br />July, 2006 <br />36 Period Amortiaation of Prepaid <br />creda <br />Expense <br />Cash is paid. <br />Pre - Expense will be recorded at the <br />Prepaid insurance <br />eadofeach rind forthrear ears. <br />[Journal entry on July, 2006]- via Accounts Payable Invoice <br />paid to vendor <br />Deba aa <br />prepaid irrsurarrce 72,000 <br />Cash T2,DOD <br />— Generally Accepted Accounting Principles declare that Pre -paid <br />insurance is an asset account. <br />[Journal entry on July 2006 June, 2009 (36 periods)] <br />Define 1 <br />Back Mach » } '.Add .t` '.t:hange Delete +� Prerious Inguir (t Pietd:' inquire <br />Company 2oO_M ! LSD City Ganeral Fund <br />Type, Recurring PN. - 5o f.a Pre Paid Insurance <br />Main ...ttabdF,a�lu�C CIF; <br />Journal Book r <br />Sourte Code ]E{, <br />Description, Default 173 Journal Pleader <br />Refe reerfrte, Document r <br />AuutaTtatk Reverse r No <br />Status Prccessecl Released <br />Operator SC1203441ilaarson <br />Automatic Zero r t k <br />Base mrse I- - -Ed <br />Uturrency, Rate u5D U 1 1 0000300 <br />Last Lire 19 <br />Copy <br />Define Recurring Journal (GL70.2) Silo <br />© . .. <br />Company r _2ooej IJSD Gty General Fund <br />Type, Recurring r,- 5o rrl are Paid [reurance <br />., ....Valid Pe—dS �,,., p .tCrW4teSS <br />Begaulaal Period, Year r:a. r m07 <br />Endlry Psrfod, Year f 1-2 ''J 2009 <br />Pas" Dart. 25 u <br />Yranssttl -Day 251 <br />— select Periods <br />1 2 3 4. 5 6 7 88. 9 1o= 11 12- 13 <br />Fa F�; Fa VzJ Fa Fa Fa rat Fri Fa Fa ; Fa Fa <br />Lawson Software — Confidential 14 <br />Debit <br />-bit <br />creda <br />Insurance expense <br />Prepaid insurance <br />2,OOD <br />Define 1 <br />Back Mach » } '.Add .t` '.t:hange Delete +� Prerious Inguir (t Pietd:' inquire <br />Company 2oO_M ! LSD City Ganeral Fund <br />Type, Recurring PN. - 5o f.a Pre Paid Insurance <br />Main ...ttabdF,a�lu�C CIF; <br />Journal Book r <br />Sourte Code ]E{, <br />Description, Default 173 Journal Pleader <br />Refe reerfrte, Document r <br />AuutaTtatk Reverse r No <br />Status Prccessecl Released <br />Operator SC1203441ilaarson <br />Automatic Zero r t k <br />Base mrse I- - -Ed <br />Uturrency, Rate u5D U 1 1 0000300 <br />Last Lire 19 <br />Copy <br />Define Recurring Journal (GL70.2) Silo <br />© . .. <br />Company r _2ooej IJSD Gty General Fund <br />Type, Recurring r,- 5o rrl are Paid [reurance <br />., ....Valid Pe—dS �,,., p .tCrW4teSS <br />Begaulaal Period, Year r:a. r m07 <br />Endlry Psrfod, Year f 1-2 ''J 2009 <br />Pas" Dart. 25 u <br />Yranssttl -Day 251 <br />— select Periods <br />1 2 3 4. 5 6 7 88. 9 1o= 11 12- 13 <br />Fa F�; Fa VzJ Fa Fa Fa rat Fri Fa Fa ; Fa Fa <br />Lawson Software — Confidential 14 <br />