Why would Prepaid Insurance have a credit balance?

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Posted by:
Lakhan Singh
03-November-2017

Accounting Auditing Budgeting Financial Reporting Financial Accounting

Question ajoutée par Ahmed Hassanin CMA , Financial Planning and Controlling Manager , Methode Electronics
Date de publication: 2015/07/13

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par Mehboob Ali Laghari , Social Mobilization Team Incharge , TRDP-European Union

Initially all prepaid accounts are assets however any amount of them consumed will be added into expenses account. in the above case, the cash will be credited while its description states debit.

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Why would Prepaid Insurance have a credit balance?

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