Question

Is prepaid insaurance is credit or debit

Answer 1

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Several situations could cause a creditbalance in the asset account Prepaid Insurance. ... As a result, the company decides to debit Prepaid Insurancewhen the amount is paid semiannually. It also prepares an automatic monthly adjusting entry to debit Insurance Expense $100 and to credit Prepaid Insurance for $100.

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Answer 2

Answer:

Several situations could cause a creditbalance in the asset account Prepaid Insurance. ... As a result, the company decides to debit Prepaid Insurancewhen the amount is paid semiannually. It also prepares an automatic monthly adjusting entry to debit Insurance Expense