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If accrued of 600 was inadvertently treated as prepaid insurance in the books Cole, the profit will be overstated or understated?
Prepaid Insurance account began the year with a balance of $230. During the year, Insurance in the amount of $570 was purchased. At the end of the year (12/31), the Amount of insurance still unexpired was $350. Prepare the year end adjusting entry.
What makes accounting principle in generally accepted?
Prepaid insurance is a asset account with a debit balance. When that months prepaid insurance is expired, the prepaid account is credited for 1 months rent and the insurance expense account is debited for that amount also. Why is the insurance expense debited or increased. Shouldn’t it be decreased?
Where are adjust prepaid insurance in balance sheet show me this answer in details
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