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What else can I help you with?
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 purchases lost?
Expense account
Account type and normal balance of prepaid expense?
asset, debit
Is insurance on inventory a direct expense?
insurance is an indirect expense.............
The entry to close the appropriate insurance account at the end of the accounting period is what?
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited
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 type of account is purchases lost?
Expense account
The entry to close the appropriate insurance account at the end of the accounting period isWhat?
debit Income Summary; credit Insurance Expense
What account type is salary?
Salary is an expense for business and that's why shown under income statement as an expense.
Account type and normal balance of prepaid expense?
asset, debit
Is insurance on inventory a direct expense?
insurance is an indirect expense.............
Year end adjustments to an asset account would I also adjust the expense account?
Type your answer here... no
What is cash interest expense?
A cash interest expense is a cash amount that accrues interest. These types of expenses vary depending on the type of account and the money present in the account.
ER pays 12 EE pays 12 insurance How do you book this in an journal entry?
Assuming the employee paid via payroll deduction, most companies would post the P/R deduction as a credit to Insurance Expense (or a credit to a contra-account called something like Employee's Contributions to Insurance Expense) directly from the payroll entry. However, you could also post the P/R deduction credit to a liability account called Employee Insurance Payable. Then, when the insurance invoice was posted, half would be debited to Insurance Expense and half to the liability account. This would give you more cost control if you reconciled the payable account with each invoice.
