A payment of $\$ 68$ for insurance has been entered in the insurance account as $\$ 86$. Which double entry will correct this? | | debit | credit | | :--- | :---: | :---: |

Explanation

The double entry to correct the error is to debit the insurance account by $\\$ 18$ and credit the suspense account by $\\$ 18$, as the payment was entered in the insurance account as $\\$ 86$ instead of $\\$ 68$.

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