Accounting


Accounting Forum

AccountingCoach.com is the world's largest free online accounting course.


Not signed in (Sign In)

Categories

Vanilla 1.1.7 is a product of Lussumo. More Information: Documentation, Community Support.

Welcome Guest!
Want to take part in these discussions? If you have an account, sign in now.
If you don't have an account, apply for one now.

General Accounting Discussions: Prepaid expenses

Bottom of Page

1 to 3 of 3

  1.  
    • CommentAuthoraccthelp
    • CommentTimeNov 16th 2009
     
    14 months ago I booked a 24 month, $64.99 service plan to my prepaid expenses account and have been recognizing 1/24 of this expense each month on my income statement. We have now upgraded our plan and it costs $84.98 to begin on 10/27/09 for a new 24 months. After 14 months and 23 days on the first plan we have a remaining $25.12 in our prepaid expenses account. What is the journal entry I need to do in order to remove the remaining $25.12 from the prepaid account so I can book the new $84.98 plan and begin recognizing 1/24 of this amount for the next 24 months?
    • CommentAuthoraccthelp
    • CommentTimeNov 24th 2009
     
    can anyone please help me with this question?
    • CommentAuthorusjohn123
    • CommentTimeNov 26th 2009
     
    Hi,
    <a href="www.ifsdb.com"> Financial Directory</a>

1 to 3 of 3

  1.  



 

Why AccountingCoach.com?

the accounting coach

AccountingCoach.com is designed to help people without an accounting background easily understand accounting concepts at no cost.


By investing thousands of hours, we have created clear and concise accounting information for both business people and students of all ages.


We understand how difficult accounting can be. That's why we have ensured that each accounting topic includes a clear explanation, reinforcing drills, Q&A, puzzles, dictionary of terms, etc.


Read 1,402 Visitor Testimonials



What's on AccountingCoach.com?