Unexpired Insurance Debit Or Credit. $840 in the prepaid insurance asset account. Unexpired insurance date debit credit balance dec.
The company has adjusted its books on a monthly basis.) a. Suppose you pay your rent for the year on january 1 and also buy a full year of general liability insurance. But the landlord does make an adjustment at the end of the year, on december 31, when the accounting records are going to be used to prepare financial statements.