0
When Prepaid rent expired during the month The adjusted prepaid balance of 4000 relates to the period of October 20x2 through 20x3?
When prepaid rent expires, the expense for the period must be recognized in the financial statements. In this case, the adjusted prepaid balance of $4,000 pertains to the rental period from October 20x2 through 20x3. This amount should be allocated to the appropriate expense account for the months it covers, reflecting the cost of rent for the period until it is fully expensed. As the prepaid rent is used up, it reduces the prepaid asset and increases the rent expense on the income statement.
What else can I help you with?
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.
What is similar with asset and an expense?
There is no similarity between the assets and expense only prepaid/expired expenses is consider our assets.
Is there any grace period to renew an expired driving license in Qatar?
no grace period... it is not PREPAID SIMCARD.. it is driving license
Can you still pay off the balance due on an expired car loan?
Anytime there is a balance due, you can pay off that balance.
What happens if you let a prepaid phone expire then want to reactivate it?
You cant reactivate the prepayed phone because it had already expired, so you will have to get a new one:)
What is the meaning of entries to apportion recorded cost?
Apportioning cost means dividing cost between Expired cost (depreciated value) and Unexpired cost (not depreciated yet). Cost which is used or whose time period is over is expired cost which can also be called as expense now, while unexpired cost can be named as remaining book value. For example, Prepaid rent was paid in September for the coming 4 months was $4000. Now, at the end of September the expired cost will be $1000 (and will be recorded in income statement as expense) and Unexpired cost will be $3000 (& will be recorded in Balance sheet as an asset ). Entry at the start of September would bePrepaid Rent a/c $4000 (Dr)Cash a/c $4000 (Cr) Entry at the end of September would be Rent a/c $1000 (Dr)Prepaid Rent a/c $1000 (Cr)See here, the used up cost or you may say asset has been turned into an expense, mitigating the value of Prepaid rent with $1000. Suppose you are preparing Balance Bheet at the end of September, the $1000 will be recorded in Income Statement as an expense while the Remaining $3000 will be recorded as current asset in Balance Sheet.
What is an example of expired cost?
An example of an expired cost is a prepaid insurance premium. When a company pays for insurance coverage in advance, that payment is recorded as an asset. As time passes and the insurance coverage is used, the cost becomes an expired cost, gradually being recognized as an expense on the income statement, reflecting the consumption of the service over time.
How long does a counter balance truck license last for?
My licence expired after 4 years (UK).
If your prepaid phone was 350 dollars in credit above your normal usage and expired in two months what would you do?
This is a Canadian phone, unable to dial internationally and not bundled with internet, etc.
What is the code for the adventurequestworld skullcrusher armor?
thee code is sc10bo2010 it started at October 18th 2010 but now it has expired it was there since 18th to 20th it expired at 21st
How much is an expired tag ticket in Arkansas?
$504 in Johnson, AR in October 2011
Unused codes for October on ourworld?
GEM CODE:D95E-0BC3-CF23-049C that's the gem code
