Question

What Is Prepaid Insurance?

Answer 1

Prepaid insurance is the portion of an insurance premium that has been paid in advance and has not expired as of the date of a company's balance sheet.

Answer 2

What Is Prepaid Insurance?

answer: it means the insurance premium which is paid in advance...

if it is in the trail balance only then record it in the balance sheet only..(asset side)

but if it is in the adjustments then,record it in the balance sheet only..(asset side) and also on the credit side of the profit and loss a/c..

COMMENT IF YOU ARE NOT CLEAR....