Accountancy, asked by amrendraray02, 2 months ago

journal entry of prepaid insurance expired.

Answers

Answered by budhanush617

1

Answer:

Companies use two sets of journal entries to record the insurance-related transactions, involving both prepaid insurance and expired insurance. ... As the insurance expires over time, companies debit the expense account of expired insurance and credit prepaid insurance to reduce the balance in the asset account.

Answered by anjali259999

0

Answer:

Companies use two sets of journal entries to record the insurance-related transactions, involving both prepaid insurance and expired insurance. ... As the insurance expires over time, companies debit the expense account of expired insurance and credit prepaid insurance to reduce the balance in the asset account.

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