Download Unexpired Insurance Journal Entry Gif. You don't have to adjust cash, as you're not spending any more. When you make the unexpired insurance journal entry in your ledger that day, you list $12,000 as an asset because you haven't used it yet.
Solved: Exercise 3-7 Preparing Adjusting Entries LO P1. A ... from d2vlcm61l7u1fs.cloudfront.net The following journal entry is made to accommodate a prepaid expense: Journal total prepaid amount dr prepayments cr insurance (as a permanent not reversing journal). Entry to record the payment of rent and insurance amount in advance.
Not all insurance payments (premiums) are deductible* business expenses.
Prepaid insurance is initially booked as an asset. A cash purchase of office equipment. Guide to journal entry for prepaid expenses. I need help with the statement of cash flow for month ended may 31st.
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