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so now weamp;#39;re going to talk about another prepaid expense this time prepaid insurance and just like prepaid rent we will adjust it in a very similar manner so as always with insurance you pay ahead of time so on october 1st abc company paid 12 000 for 12 months of insurance so we need to record the purchase of the insurance so on october 1st we make this general journal entry what did we get out of this deal we got prepaid insurance because it has not been used up yet itamp;#39;s 12 months worth we have to record it as an asset and that asset is called prepaid insurance the a plus means itamp;#39;s an asset and itamp;#39;s going up then we record the debit twelve thousand dollars and then we also post the twelve thousand dollar debit into the t account for prepaid insurance which is representing the ledger so on october 1st as a value of twelve thousand dollars remember thatamp;#39;s 12 months worth so how did we pay for it we paid for it with cash cash is an asset g
