Insurance Expense Debit Or Credit In Trial Balance. Key to preparing a trial balance is making sure that all the account balances are listed under the correct column. The normal balance of any account is the balance (debit or credit) which you would expect the account have, and is governed by the accounting equation.
Thus, the amount charged to expense in an accounting period is only the amount of the prepaid insurance asset ratably assigned to. While accounting software has reduced the need for a. This is done with an adjusting entry at the end of each accounting period (e.g.