What type of account is Prepaid Insurance? a. asset b. liability c. equity Accounts The financial activities of an organization are classified into different accounts. In order for the company to have an organize and accurate financial statements, they are named and categorized based ...
Prepaid Rent is a(n)account and has a normalbalance. A. asset; credit B. liability; debit C. asset; debit D. liability; credit Current Asset: Current assets are those resources expected to be utilized or consumed within one year or ...
This amount is reported on the balance sheet as a contra liability account along with Bonds Payable in the long-term liability section.) Related Questions Why would Prepaid Insurance have a credit balance? How do you record a payment for insurance? When do you adjust the amount of prepaid...
Special FeatureNo bank account or average quarterly balance maintenance is required Additional BenefitsDaily POS transaction limit: Rs 1,00,000This is a corporate card and only corporates will be availing this card for their beneficiaries.
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a) credit prepaid rent account b) debit insurance expense account c) credit tax payable account Accounts: In accounting and bookkeeping an account refers to assets, liabilities, equity, revenue, and expenses that are increased or...
Postage stamps on hand are considered to bed. a prepaid expense. Postage stamps are, like prepaid rent or insurance paid in advance, payments for... Learn more about this topic: Adjusting Entries | Definition & Examples from Chapter 22/ Lesson 16 ...