View Paid For Insurance Journal Entry Images. If you are paying cash, you are again increasing one asset account at the expense of the other because both cash and prepaid insurance are assets. Since you are using cash, your cash will fall and prepaid insurance will rise.
If the rents are paid in advance for a whole year but recognized on a.
The company paid a 50% down payment and the balance will be paid after 60 days. The journal entry should increase the company's cash, and increase (establish) the capital account of mr. List the four parts of a journal entry. When the insurance premiums are paid in advance one objective of the adjusting entry is to match the proper amount of insurance expense to the.
