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Q. What is Prepaid expense?
A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of these three adjustments is the same. Prepaid insurance When a company pays an insurance policy premium in advance, the purchase creates the asset prepaid insurance. This go forward payment is an asset because the company will receive insurance coverage in the future. With the way of time but the asset gradually expires. The part that has expired becomes an expense. To exemplify this point recall that in section 2 Micro Train Company purchased for cash an insurance policy on its trucks for the period 2010 December 1 to 2011 November 30. The journal entry prepared on 2010 December 1 to record the purchase of the policy was
The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this entry the Prepaid Insurance account has a USD 2400 debit balance on 2010 December 1. The Insurance Expense account contains a zero balance on 2010 December 1 for the reason that no time has elapsed to use any of the policy's benefits.
The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga
Cooperton Mining just announced it will cut its dividend from $4 to $2.50 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expecte
Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale
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Q. Explain about Freight collect? Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms s
Consumers and others: Consumers' organizations, welfare organizations, media and public at huge are also interested in condensed accounting information so as to appraise the effic
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is accounting is an art or science
Q. Show Tax benefits of LIFO? Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal R
Determine the Purchasing Procedures Alarge company would use a "purchasing agent" who heads purchasing department. Small companies would use manager/owner, etc. Seller recei
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