shayles
Jun 18, 2010, 11:13 AM
How do you post a expired insurance in a trial balance
pready
Jun 21, 2010, 07:08 AM
Are you talking about Prepaid insurance.
The journal entry is: Debit Insurance Expense for the amount and Credit Prepaid Insurance for the amount
This entry is also known as an Adjusting Entry and is done after the Trial Balance.