Question
On 3/31/2015, there was Prepaid insurance 20,000 on balance sheet. During the year, there is a transaction The prepaid insurance is valid for another 15
On 3/31/2015, there was "Prepaid insurance 20,000" on balance sheet.
During the year, there is a transaction
"The prepaid insurance is valid for another 15 months starting from 4/1/2015".
If we are preparing financial statement for the year ended on 3/31/2016.
How to record the transaction and how it affects financial statements? Thank you.
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Factory Business System Audit Lean Manufacturing
Authors: Rolf Thorsten
1st Edition
1091908583, 978-1091908581
