An accrued expense journal entry requires showing the expense ... the transaction include an initial debit of $1,200 to a "Prepaid Auto Insurance" account, as well as a $1,200 credit to cash ...

As a small business owner, when you make a financial transaction, you record it as an entry in the ... such as taxes and insurance as a credit in the accounting journal under the respective ...

As of November 30, none of the $2,400 has expired and the entire $2,400 will be reported as prepaid insurance. But that changes once coverage begins. On December 31, an adjusting entry will show a ...

This can create an accounting entry on ... the label of prepaid expense. These prepaid expenses are those that a business uses or depletes within a year of purchase, such as insurance, rent ...

The IRS on Friday issued final regulations governing the allocation of prepaid mortgage insurance premiums for periods after Dec. 31, 2010 (T.D. 9588). The final regulations adopt rules that were ...

Half of all U.S. citizens require the services of an attorney each year, according to the American Bar Association, and a growing number of them are turning to prepaid legal insurance plans to ...