Accounting help please?

Question

Does any one know what entry to close the appropriate insurance account at the end of the accounting period?

Answer 1

1st, determine whether there is any prepaid insurance a/c in your books. Determine if there is any expired insurance not adjusted for. If there is, make the adjustment:
Dr Insurance expense xxx
Cr Prepaid insurance xxx

Then close off the insurance expense a/c:
Dr Income summary xxx
Cr Insurance expense xxx

Answer 2

Using the asset method, which means you recognize the insurance account at the time of purchase as an asset instead of expense, you compute for the expired coverage of your insurance based on the contract after year-end. The formula is:
Total cost of Insurance purchased multiply by (Total months expired over total months covered by insurance contract)

Then you record this as:
Debit: Insurance expense
Credit: Prepaid insurance

Answer 3

i've got had my account "suspended". I imply deleted (perchance). My 360, my e mail, my IM, my Yahoo! solutions, and my own "web site" have been given suspended. i be attentive to who have been given me suspended, and that i be attentive to why. i turn into too youthful, although i actually wasn't. My previous account I shared with my eleven 12 months previous buddy. She turn into very almost 12 and advised all and sundry so! i turn into thirteen, and nevertheless am. besides, one person did now not like it and many times stated me because of the fact i turn into too youthful. additionally they concept I had incorrect strategies continuously because of the fact of one query. i turn into point 4, suitable Contributor. Then, to suitable all of it off this persons different account or "buddy" replied my previous money owed nevertheless open query and insulted me whilst getting terrific answer! properly, i did now not allure, i did now not be attentive to how. It stated "you desire a code" or some thing like that and that i had no concept WHAT code. besides, i haven't had a respond from them, and that i do now not be attentive to who Jilibean is. lol. Oh, and continuously cover your contacts, and Q/A. Make yet another e mail account so in case you "forget approximately" your account identification or Password they are in a position to deliver it to you. additionally, write it down. That way you may inform if it turn into deleted, or you in elementary terms forgot.