At the time a payment is made that represents a prepayment of an expense, a prepaid account such as Prepaid Insurance is debited and the Cash account is credited. This records the prepayment as an asset on the companyâs balance sheet.
English and American cases dealing with the insurance meaning of war have defined it in accordance with the ancient international law definition: war refers to and includes only hostilities carried on by entities that constitute governments at least de facto in character..
The Trading with the Enemy Act is sometimes confused with the International Emergency Economic Powers Act (IEEPA), which grants somewhat broader powers to the President, and which is invoked during states of emergency when the United States is not at war. As of 2017, Cuba is the only country restricted under the Act.