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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.
Note: All illegible answers will be marked incorrect, so please write legibly. If you type and submit the print out of your homework (not email), you will receive 5 points extra cr
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
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entry for bad debts provision
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At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
Angel Individual investors which are often called angels, make capital investments in entrepreneurial ventures in return for equity (partial ownership) in the industry. These
Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays
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