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QUESTION

The balance in prepaid insurance represents a 15-

The balance in prepaid insurance represents a 15-month policy that went into effect on June 1.

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  • aenviasa
    aenviasa
    3 orders completed
    $10.00
    ANSWER
    Tutor has posted answer for $10.00. See answer's preview

    ******* ******** *** ******** paid *** ** advance and ******** ** assets before they *** used or consumed ******* ******** *** shown in *** assets section on *** balance ******

    Examples

    ** ******* ******** *** ** ********* premiumsWhen * ******* pays ********* premiums in advance *** ********* ******** ******* ** * ****** ****** **** *** ********* coverage ****** ** *** **** ****** ****** *** ******* **** ***** expensing *** ******* ****** *** ********* ** usually done **** *** term ** *** ********* ******** ** **** ** * ************* basis ******* **** **** ***** methods ** ************ (different **** ************** *** also ******** Prepaid

    ********

    ******* represent a ********** ***** ******* **** **** ** ******** *********** **** * year or **** ***** *** ******* ***** *** **** ****** are presented ** the ******* assets ******* ** the balance ***** ******* ********* prepaid expenses ***** ** ********* **** * ****** ****** than * **** ***** *** balance sheet **** In **** ***** *** portion ***** ** ** ** ********* ** ******** after *** **** after *** balance ***** **** is considered *********** and ********* in *** *********** ****** section ** *** ******* ****** *** *******

    **

    March 15 **** * ******* **** ****** *** ********* ******** ***** **** run **** ***** * 20X0 ** March ** **** **** year) The ******* *** *** ********** **** end on ******** 31 ** ******** ** 20X0 *** ****** ******* ********* expense ** ***** ** ******* ******* * **** ******* ***** 31 ***** **** ** ********** ********** and ***** ** the ******* ******* of *** ******* ***** ******* *** balance **** ** ********** ********** ** ******** within a year after ******** ** ***** ******* ******** ***

    ********

    **** *** ** ******* *** recorded as assets before **** *** **** ** ******** Prepaid ******** *** ***** ** *** ****** ******* ** *** balance sheet ******** of prepaid ********

    ***

    ** insurance ************ * ******* **** ********* ******** ** ******* *** insurance coverage ******* ** * ****** period **** *** ********* coverage starts ** *** **** period begins the ******* **** start expensing the prepaid ****** The expensing ** usually **** **** *** **** ** *** insurance ******** ** rent ** a ************* ***** However **** **** ***** methods of ************ ********** **** ************** *** also applied Prepaid ******** ******* represent a

    **********

    asset ******* **** will ** ******** *********** over * **** ** **** ***** the ******* ***** *** **** assets *** ********* ** the ******* ****** ******* on *** ******* ***** However ********* prepaid expenses ***** ** ********* **** a ****** ****** **** * **** after *** ******* ***** date In **** ***** the ******* ***** ** ** ** amortized ** ******** ***** *** **** ***** *** balance sheet **** is ********** *********** and presented ** *** *********** ****** section ** *** ******* ****** For example on ***** 15 ****

    *

    company **** $12000 *** ********* coverage which **** *** **** ***** * **** ** ***** 31 **** **** ***** *** company has *** accounting year end on December ** ** ******** ** **** *** ****** prepaid ********* expense ** $3000 ** ******* ******* 1 **** ******* ***** ** ***** will ** ********** ********** *** shown in the ******* ******* ** *** ******* sheet because the balance **** ** ********** ********** ** expense) within * **** ***** December 31 ****

    Click here to download attached files:

    prepaid expenses.docx

  • $10.00
    ANSWER
    Tutor has posted answer for $10.00. See answer's preview

    ** ****** find my step ** **** ******** All *** ****

    Click here to download attached files:

    Attachment prepaid balance.docx

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