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An insurance payable/move to prepaid and expense only partial
I have an insurance payable due for $100,000 (for the year to come) and I will make 8 payments of $12,500 throughout the following year. I am looking for an entry to record the AP payable of $100,000 then to move 1/8 of it to prepaid when the partial bill is paid and the recording of only 1 month of the expense.
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