From Business: US Coachways offers an extensive selection of vehicles such as 24 passenger charter buses, 49 passenger charter buses, 56 passenger charter buses, party buses. Weâ¦
May 16, 2017/. Prepaid dues are fees paid to a membership organization, covering a time period that has not yet expired. The amount of these dues is recorded in a current asset account (such as prepaid expenses or a separate prepaid dues account). As each successive month in the coverage period expires, a proportionate amount of the prepaid dues is charged to expense.
A prepaid expense account is an asset account that is purchased in advance, such as an insurance policy. If a company purchases a six-month policy for $600, the expense is not recorded until the policy expires. The initial entry is a $600 credit to the cash account and a $600 debit to the prepaid insurance account.