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Prepaid or unexpired expenses can be recorded under two methods asset method and expense method.

In other words, a deduction for what amounts to prepaid medical expenses is allowed, regardless of the resident's current health status. Because CCRC fees often amount to big dollars, significant write-offs are often allowed despite the 10% of adjusted gross income (AGI) threshold on deductible medical expenses.

Prepaid expenses are not recorded on an income statement initially. Instead, prepaid expenses are first recorded on the balance sheet; then, as the benefit of the prepaid expense is realized, or as the expense is incurred, it is recognized on the income statement.

The adjusting entry for prepaid expense depends upon the journal entry made when it was initially recorded. There are two ways of recording prepayments: (1) the asset method, and (2) the expense method.

Summary. Prepaid expenses are future expenses that are paid in advance and hence recognized initially as an asset. As the benefits of the expenses are recognized, the related asset account is decreased and expensed. The most common types of prepaid expenses are prepaid rent and prepaid insurance.

What Is a Prepaid Expense? A prepaid expense is a type of asset on the balance sheet that results from a business making advanced payments for goods or services to be received in the future. Prepaid expenses are initially recorded as assets, but their value is expensed over time onto the income statement.

The amount paid by N is a prepaid expense. Because the right or benefit attributable to the $10,000 payment extends beyond the end of the tax year following the tax year in which the payment is made, the 12-month rule does not apply.

Under the IRS 12-month rule, a taxpayer can deduct a prepaid expense in the current year if the rights or benefits for the taxpayer do not extend beyond the earlier of: 12 months after the right or benefit begins OR. The end of the tax year after the tax year in which payment is made.

The 12-Month Rule The 12-month rule allows for the deduction of a prepaid expense in the current year if the right or benefit paid for does not extend beyond the earlier of: 12 monthsfrom the date the prepayment is made, or. the end of the taxable year following the taxable year in which the payment is made.

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Public Expenditure Review. PIMA. Per Diem: A daily allowance for meals and related incidental expenses.Our revenues and variable expenses in a corresponding manner. Allowances. Interest Revenue. Gain on Disposal of Plant Assets. Of Interstate 10 in Pima County, Arizona. RECOMMENDATION: Adopt the Resolution and approve the annexation. MOTION:.

Pima Arizona Motion for Allowance and Prepayment of Expenses

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What are the two methods for recording expenses paid in advance?

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What are the two methods for recording prepaid expenses?

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