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Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
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∙ 9y ago
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Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is prepaid insurance a permanent or temporary account?
it is permanent
What is the normal balance of a prepaid insurance account?
Debit.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is prepaid insurance a permanent or temporary account?
it is permanent
What is the normal balance of a prepaid insurance account?
Debit.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
Is Prepaid insurance expense an asset?
Yes. All prepaid items go in current assets until they are used and transferred to the profit and loss.
Can you get insurance on a prepaid phone?
Yes you can get insurance on prepaid phones.
Account type and normal balance of prepaid expense?
asset, debit
What is the proper adjusting entry at April 30 the end of the fiscal year based on a prepaid insurance account balance before adjustment 16000 and unexpired amounts per analysis of policies 6000?
debit insurance expense 10000 credit prepaid insurance 10000
Prepaid insurance is reported on the balance sheet as a?
Prepaid insurance is reported on the balance sheet as a
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
