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Accounting Entry for Prepaid Insurance?

Please take me through the entry process for the following. a) I have a bill from ABC Ins. company, I'd like to pay this bill from my Cash Account. Does this get applied to my Accts Payable? b/c it is a bill from my insurance company. How to record this part? b) Then, I'd like to Increase my Prepaid Insurance asset Account. Each month I understand I'll need to credit Prepaid Insurance and debit Insurance Exp for the appropriate amount. I'm having trouble with part a). How to pay the bill, reduce what I owe to the Insurance Company. (1 Credit Cash/Debit Accts Payable 2. Debit PrePd Ins and Credit What?). Thank you for your help.

   








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Accounting Entry for Prepaid Insurance?
Please take me through the entry process for the following. a) I have a bill from ABC Ins. company, I'd like to pay this bill from my Cash Account. Does this get applied to my Accts Payable? b/c it is a bill from my insurance company. How to record this part? b) Then, I'd like to Increase my Prepaid Insurance asset Account. Each month I understand I'll need to credit Prepaid Insurance and debit Insurance Exp for the appropriate amount. I'm having trouble with part a). How to pay the bill, reduce what I owe to the Insurance Company. (1 Credit Cash/Debit Accts Payable 2. Debit PrePd Ins and Credit What?). Thank you for your help.


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Hey,i have looked around but i seem to have found mixed answers,so i posted my own question to get a straight foward answer.....Will i be able to get Car Insurance with a permit? I am 18yrs old and live in NY state. Thanks"


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My well-loved 10 year old Honda Accord was hit today by another driver. Both the other driver and myself are OK but my car was totaled. The other driver's insurance company will be reimbursing me for my vehicle. But I'm afraid that what they will offer for my car will be less than its worth to me in running condition. What's the best way to maximize how much I'll be reimbursed?


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Accounting Entry for Prepaid Insurance?
Please take me through the entry process for the following. a) I have a bill from ABC Ins. company, I'd like to pay this bill from my Cash Account. Does this get applied to my Accts Payable? b/c it is a bill from my insurance company. How to record this part? b) Then, I'd like to Increase my Prepaid Insurance asset Account. Each month I understand I'll need to credit Prepaid Insurance and debit Insurance Exp for the appropriate amount. I'm having trouble with part a). How to pay the bill, reduce what I owe to the Insurance Company. (1 Credit Cash/Debit Accts Payable 2. Debit PrePd Ins and Credit What?). Thank you for your help.


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Do you need to file taxes as a life insurance benifiserary?


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Accounting Entry for Prepaid Insurance?
Please take me through the entry process for the following. a) I have a bill from ABC Ins. company, I'd like to pay this bill from my Cash Account. Does this get applied to my Accts Payable? b/c it is a bill from my insurance company. How to record this part? b) Then, I'd like to Increase my Prepaid Insurance asset Account. Each month I understand I'll need to credit Prepaid Insurance and debit Insurance Exp for the appropriate amount. I'm having trouble with part a). How to pay the bill, reduce what I owe to the Insurance Company. (1 Credit Cash/Debit Accts Payable 2. Debit PrePd Ins and Credit What?). Thank you for your help.