My question is how would I go about writing prepaid insurance on the balance sheet, If I prepay $300(July 31st) for coverage in the months of August and September and then again prepay two more months for October and November, I would write this on the balance sheet as $600 prepaid insurance under assets for the end of August or since I used up a month by the end of August would I take it off the $600 and write it as $450?