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.
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. 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.