As it says in the title, the business im studying has joined an Association.. would this come under as an expense in the P&L?

Also I'm having some problems with it as a prepayment...

We've been told that cost of member ship per month is £2000, and that one 20 Feb a payment of of £24,000 for 1 years membership had been made...

At the moment in the T-Accounts, I've got a Prepayments Account, the Association account... Basically I've Debited the Association account by 2000 (and credited the bank by 2000), Debited the Prepayments account by 22000 (and credited bank by 22000)...

Is this correct?

Many thanks.

CaptainForest

When does this membership start March 1?

If so, debit prepaid for the full 24,000 and expense it once you use it up, not before.

And yes, the association fees would be an expense on the P&L statement