If I just bought a new variety store and the company purchased $3,600 for the preium on a one year insurance?
a asked:
policy and two thirds of one months insurance coverage was consumed . My question is my answer $300 to be debited on my T account under Insurance expense and Credit Prepaid Insurance $300 on my T Account? Can someone help and direct me if I am wrong.
policy and two thirds of one months insurance coverage was consumed . My question is my answer $300 to be debited on my T account under Insurance expense and Credit Prepaid Insurance $300 on my T Account? Can someone help and direct me if I am wrong.
Thanks