What qualifies as prepaid insurance as an asset on the Chart of Accounts
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What qualifies as prepaid insurance as an asset on the Chart of Accounts
For example, insurance company charge you $1200 a year for your office, you paid the entire amount on 01/01/2008, the next payment will be on 01/01/2009 for year 2009's insurance.
The $1200 is prepare insurance.
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