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.
Two ways of accounting for prepaid expenses. Two methods to account for prepaid expenses: balance sheet approach and income statement approach. Prepaid expenses are expenses paid for in advance and recorded as assets before they are used or consumed. Prepaid expenses are shown in the assets section on the balance sheet.