Insurance Journal

You don't amortize insurance - you expense it. When you purchase insurance in advance, it's prepaid insurance, which is an asset account because you still have coverage (which has a worth) coming to you. As it expires, you remove it from th... Read More »

Source: http://www.askmehelpdesk.com/finance-accounting/what-journal-entr...

How to enter a prepaid insurance policy into the general journal?

I'd use a pencil, so if you change your mind, you can erase it easily. Read More »

Source: http://answers.yahoo.com/question/index?qid=20111110083448AAJAyXM

How do I journalize this? Journalizing Unexpired Insurance

Assuming you used the expense method of accounting the entry would be: Dr. Prepaid insurance 2700 Cr. Insurance expense 2700 But if you used the accrual no need to adjust the unexpired but the adjustment would pertain to the expired portion... Read More »

Source: http://www.askmehelpdesk.com/finance-accounting/journalizing-unex...

How do you prepare a general journal entry for insurance?

debit: Prepaid expenses for 150 credit: cash for 50 credit: accounts payable for 100 each month debit insurance expense for 12.50 credit prepaid expense for 12.50 Source(s): Accounting degree Read More »

Source: http://answers.yahoo.com/question/index?qid=20100207203550AAIS953

What would be the journal entry to reflect expiration of the insu...

Debit Insurance Expense $1,800 Credit Prepaid Insurance $1,800 Read More »

Source: http://answers.yahoo.com/question/index?qid=20111016163652AAL8UPD