34+ Prepaid Insurance General Journal Entry Pictures
34+ Prepaid Insurance General Journal Entry Pictures. Let's say xyz company who needs to pay its employee liability insurance for the whole of a fiscal year ending journal entry when prepaid insurance is paid. A basic insurance journal entry is dr insurance expense cr bank.
Insurance Journal Entry from media.cheggcdn.com For learning basic level accounting; An employee of our small business damaged our property with her car. Let's say xyz company who needs to pay its employee liability insurance for the whole of a fiscal year ending journal entry when prepaid insurance is paid.
When someone purchases prepaid insurance, the contract generally covers a period of time in the future.
You can create a general journal entry to write off the amount (company>make general journal entries). Posting sorts journal entries so that all debits and credits affecting each account are brought together in one place. Prepaid insurance is debited which indicates the creation of an asset in the balance sheet. For vendor with over payment the vendor's name is one of the requirements in creating a journal entry( je) on the desktop so that you'll not receive any error.
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