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    Yonni's Avatar
    Yonni Posts: 1, Reputation: 1
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    #1

    Jan 6, 2008, 02:04 PM
    Deferred Expensess
    Are deferred expenses, also known as prepaid expenses recorded as expenses and paid, or are they incurred and paid? I believe they are recorded as expenses and paid.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jan 6, 2008, 08:23 PM
    Prepaid Expense is an Asset. It is paid but not yet used like Prepaid Insurance. When the prepaid expense is used then you debit the expense and credit the Prepaid Expense.

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