Yes you can get insurance on prepaid phones.
Prepaid insurance is reported on the balance sheet as a
[Debit] Prepaid Insurance [Credit] Cash / bank
Prepaid Rent, Prepaid Insurance, and Prepaid Interest... maybe? Check it out on Investopedia.com
prepaid insurance a/c..........dr. To insurance a/c
yes
Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
Prepaid insurance go to balance sheet as it is paid in advance and current assets of business.
When payment for insurance is made advance of actual expenses then it is called prepaid insurance which is asset for business until insurance benefit is utilized while insurance expense is actual insurance expense when insurance benefit is taken.
yes, it is
Prepaid insurance is that amount which is paid in advance and no benefit has taken yet that's why it is current asset for business.
Prepaid insurance would be an asset. Insurance expense is when the insurance has been used up, thus making it an actual expense on the Income Statement. Whereas Prepaid Insurance on a Balance sheet is classified as an Asset.