No, it is a real/permanent account. Insurance expense is a nominal account.
A prepaid expense account is an asset, thus not a temporary account either.
Expense account
asset, debit
insurance is an indirect expense.............
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
No, it is a real/permanent account. Insurance expense is a nominal account.
A prepaid expense account is an asset, thus not a temporary account either.
A prepaid expense account is an asset, thus not a temporary account either.
Expense account
Salary is an expense for business and that's why shown under income statement as an expense.
debit Income Summary; credit Insurance Expense
asset, debit
insurance is an indirect expense.............
Type your answer here... no
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.
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.