I created an additional Product called Savings Plan and entered the annual Bill there, so the main product would remain correct, but how to I account for the prepaid monthly expense? Should I keep the annual plan out of stock and raise a monthly journal to realloca...
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After I wrote an article aboutcapitalizing borrowing cost, I got a lot of e-mails asking me actuallyHOW to account for loansthat do not bear the interest rate reflecting market conditions. In other words, how to account for loans at below-market interest rate, or even interest-free loans. ...
One of the most popular types of accounts used to pay for education expenses is the 529 savings plan. (This is different from 529 prepaid tuition plans that let you lock in the in-state public tuition at the institution that runs the plan.) Most states offer their own 529 plans that you...
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AccountDebitCredit Prepaid Expense$12,000 Cash$12,000 Next, you’ll want to expense $1,000 a month for the next twelve months for cleaning expenses, until the entire $12,000 has been expensed. Starting in January and for each month in 2023, you will complete the following journal entry:...
You *could* call it prepaid expenses, but the term "prepaid" in accounting usually refers to an expense (like legal or insurance) that is paid for your OWN business in advance in increments, added to an intangible asset, then deducted from the ac...
Once expenses are incurred, the prepaid asset account is reduced and an entry is made to the expense account on the income statement. Insurance and rent payments are common prepaid expenses. What Are Prepaid Expenses? Prepaid expensesare payments made for goods and services that a company intends...
To make an unexpired insurance journal entry, you record it in your accounting journal as a prepaid asset: $840 in the prepaid insurance asset account. You also make an $840 credit to the cash account. When December rolls around, you've used up one month of insurance with 11 months to ...