What is the journal entry for Prepaid expense?

I don't have a specific problem but I can't seem to get the meaning of these terms. Sometimes it helps to have someone else explain them. So far I have deferred expense--Initially, we (the business) paid for it but didn't use it yet (prepaid insurance) which is why we need an adjusting entry if...

I'm working on ACCRUALS and DEFERRALS I have read the chapter and don't understand how to record the entry. 1. How can I identify which entries can be reversed 2. I don't understand problem Question to be worked This is not a homework problem just study problem XX Company fiscal years...

I had an unexpected 401K distribution with no withholding that will wreck tax year 2006. Can this disbursement be postponed and taken in 2007? Thanks Jim

Hi ATE! I am an Indian Citizen. I was on F1 visa from August 2002 - October, 2005 (on OPT from December 2004 - October, 2005) On H1B from October 1st, 2005 - Current. I do not meet the substantial presence test. As I understand from the previous threads, I should fill 1040 NR? And can Claim...