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it is permanent
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Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
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 Insurance?
Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
What is the normal balance of a prepaid insurance account?
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
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
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 account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is Prepaid Insurance?
Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
What is the normal balance of a prepaid insurance account?
Debit.
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.
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
Journal entry of prepaid expenses?
A journal entry for prepaid expenses involves debiting the prepaid expense account to recognize the asset acquired, and crediting the cash or bank account to show the payment made. Over time, the prepaid expense is gradually recognized as an expense through adjusting entries by debiting the relevant expense account and crediting the prepaid expense account. This process ensures that expenses are matched with the revenues they help generate.
Prepaid insurance is reported on the balance sheet as a?
Prepaid insurance is reported on the balance sheet as a
What is prepaid insurance?
insurance not yet paid
