أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
If it's for 12 months of insurance then
DR Prepaid expenses 11,000
DR Insurance expense 1,000
CR Bank Account 12,000
Then the next month you would
DR Insurance Expense 1,000
CR Prepaid expenses 1,000
and again and again until the 12 months is up.
I am not accontant ,but attempt to answer this question as follows:-
You may debit the company account by sum of120000 and same amount ot be credited to insurance (company) account.
e.g. bank account statement - company account
------------------------------------------------------------
Item dr cr
------ ----- --------
insurance (company) account - 12000
balance 12000 -
-------------------------------------------------------------------------------------------
total 12000 12000
========================================================
Thanking You.