Is Expired Insurance A Debit Or Credit. Date account title debit credit dec 31 record entry clear entry view general journa < requirement general ledger > as of december 31, jim egert has not been paid for four days of. Debit insurance expense, $1,380 and credit prepaid insurance, $1,380.
This is done with an adjusting entry at the end of each accounting period (e.g. Expired insurance premiums are reported as insurance expense. Prepare the required adjusting entry, if any.