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What is unexpired insurance policy in adjustment?
The prepaid insurance accounts showed the following Nov. 30.:
Beginning Balance: 35,800 July 1 : 42,000 October 1 : 72,720 The beginning balance represented the unexpired portion of a 1 year policy purchased on September the last year. The July 1 entry represented a new 1 year policy, and the October 1 entry is additional coverage in the form of a 3 year policy. |
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Hey guys... So what does this word unexpired insurance mean? What kind of account is it? Where do we place this in the balance sheet? Thanks in advance:o
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