insurance expense
What is the cost of insurance on insurance prepaid debit and credit? 5320 the answer is not correct, help!?
What insurance is the cost of prepaid debit and credit insurance? 5320 the answer is not correct, help!?
Insurance costs, being an account expenditure must be in. Prepaid insurance is considered an asset, and must also be a debit card. When you have used some of its prepaid insurance (ie a month), is written on the outside expense account. For example: you purchase insurance for 1 year for $ 600 from 1 January Prepaid insurance $ 600 cash RD CR $ 600 to register purchase insurance 1 year, Jan 31 Prepaid Insurance RD $ 50 insurance cost CR $ 50 To record using one months insurance. As for 5320, not being right, I would have to see the complete list of transactions to see where it went wrong, but I hope that helped.
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