Please do a session on GILTI and investment in Cayman.
@yonghueikwon17938 ай бұрын
Question: At the end of 2023, our company made a prepayment of 10,000 for 2024. Each year, we exhaust this b/s acct by debitibg ins exp and crediting prepaid acct. In February 2024, the insurance company issued a credit of 900. How would you make a journal entry/entries for this type of transaction? Would this CR get debited to the prepaid acct. And credit the exp acct?
@Metalrulz812 ай бұрын
you amortize the 900 as a credit over the same period as the 10,000