Question

It is acceptable to record prepayment of expenses as debits to expense accounts.

Answer 1

The two methods for recording prepaid expenses have to do with the general ledger account that is initially debited at the time of the cash payment. The two methods or approaches are: debit an asset account (such as Prepaid Insurance) which is the balance sheet method, or.

Answer 2

Explanation:

the two metals which is acceptable to record payment of expenses as debits to account