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    xoxbam11's Avatar
    xoxbam11 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 29, 2008, 01:39 PM
    Expired insurance adjusting entry
    What is the adjusting entry for expired insurance?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Oct 29, 2008, 02:11 PM

    The adjusting entry is:

    Debit Insurance Expense for the amount used during the period.
    Credit Prepaid Insurance for the amount used during the period.
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