Prepaid rent and prepaid insurance, debit or credit?

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Posted by:
SREEDEVI SUNILKUMAR
12-March-2014

Question ajoutée par luke tardieu
Date de publication: 2016/09/25

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par Muhammad Waqas , Accountant. , AlHussain

It will be Debited due to unexpired Assets and has valid time period.

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par Varun Aggarwal , Senior Associate , Deloitte - United Arab Emirates

Prepaid expenses whether it is a rent or insurance should be debited in the books of accounts as follows :

Prepaid Rent / Insurance DR XXX

Rent / Insurance DR XXX

BANK / VENDOR CR XXX

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par vikash kumar , Junior accounts executive , Elcome international LLC

Debit till the date of expiry.

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