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    lave200's Avatar
    lave200 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Mar 11, 2009, 08:46 AM
    Prepaid insurance
    What portion of $1,200 would be at end of year, and will it fall into a retained earning in owner's equity
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
    		  
    #2

    Mar 11, 2009, 09:09 AM

    Need more info here... What dates are the policy effective through, what date is the financial statements...
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Mar 11, 2009, 02:19 PM

    The portion of the prepaid expense that is used will be transferred to the expense account.

    Example: Debit Insurance Expense for the amount of insurance used during the period
    Credit Prepaid Insurance for the same amount
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