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Can you get insurance on a prepaid phone?
Yes you can get insurance on prepaid phones.
Prepaid insurance is reported on the balance sheet as a?
Prepaid insurance is reported on the balance sheet as a
What is debited and credited in adjusting entry for prepaid insurance?
[Debit] Prepaid Insurance [Credit] Cash / bank
List Prepaid expenses on balance sheet?
Prepaid Rent, Prepaid Insurance, and Prepaid Interest... maybe? Check it out on Investopedia.com
What is the journal entry for advance insurance premium paid in cash?
prepaid insurance a/c..........dr. To insurance a/c
Is prepaid insurance an asset?
yes
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.
Does prepaid insurance go on income statement?
Prepaid insurance go to balance sheet as it is paid in advance and current assets of business.
What is the difference between prepaid insurance and insurance expense?
When payment for insurance is made advance of actual expenses then it is called prepaid insurance which is asset for business until insurance benefit is utilized while insurance expense is actual insurance expense when insurance benefit is taken.
What is the proper adjusting entry based on a prepaid insurance account balance before adjustment of 14000 and unexpired insurance of 3000 for the fiscal year ending on April 30?
To adjust the prepaid insurance account, you need to recognize the amount of insurance that has expired during the fiscal year. Starting with a prepaid insurance balance of $14,000 and an unexpired insurance amount of $3,000, the expired insurance is $14,000 - $3,000 = $11,000. The proper adjusting entry would be a debit to Insurance Expense for $11,000 and a credit to Prepaid Insurance for $11,000.
Is prepaid insurance a current asset?
yes, it is
Is prepaid insurance a debit or credit balance?
Prepaid insurance is that amount which is paid in advance and no benefit has taken yet that's why it is current asset for business.
