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How to record an expense that applies to the entire year. Example Insurance
An expense that is paid lump sum but applies to a period such as an entire year can be recorded as a prepaid expense and then amortized over many months.
Note: this article is also publicly available at http://wiki.wws5.com/share/Prepaid_Exp_amortize0808131327.html
prepaid_exp_amortize0808131327.flv
Created by Charlene Scott at 13/08/2008 1:27:32 PM