Get Prepaid Insurance T Account Gif. This unexpired cost is reported in the current asset account prepaid insurance. Unless an insurance claim is filed, prepaid insurance is usually renewable by the policyholder shortly before the expiry date on the same terms and conditions as the original insurance contract.
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Prepaid insurance is the amount of insurance premium paid by the company in an accounting period that didn't expire in the same accounting period and therefore, the unexpired portion of this insurance will be shown as an asset in the balance sheet of the company. Prepaid expense account and the related expense account. Click on 'recharges' from 'make payments' option. Insurance premiums expired during the year are $5,300.
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