Why are there two opening entries for an Accrued / Prepaid record in the opening balance sheet?

Why are there two opening entries for an Accrued / Prepaid record in the opening balance sheet?

The reason is that the accrual or provision has an opening balance, i.e. we have an opening balance of a prepaid record called Insurance of $100, and at the same time, the latest invoice may be in the opening balance sheet waiting for payment.

So we have an opening trade creditors for the Insurance record.



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