manosborne
Sep 5, 2008, 09:38 PM
Recorded Prepaid Insurance Falls Under What Income Revenue Is This Called Unearned In
pready
Oct 18, 2008, 04:42 PM
Prepaid Insurance is an Asset. Normally it is a Current Asset. This is a Balance Sheet Account not an Income Statement Account.
When the Insurance is used then the amount used in the Prepaid account is transferred to the Insurance Expense which is an Income Statement account.