Question Details

Briefly discuss the differences between Prepaid Insurance and Insurance Expense



1.	Briefly discuss the differences between Prepaid Insurance and Insurance Expense.
2.	From the following alphabetical list of account balances, all of which are normal, for Kasper Company on July 31, 2010, prepare a trial balance in proper form (the amount of Phil Kasper, Withdrawals must be computed) .

Accounts Payable	$500
Accounts Receivable	200
Cash	80
Equipment	700
Phil Kasper, Capital	150
Phil Kasper, Withdrawals	?
Prepaid Advertising 	20
Revenue Earned	400
Wages Expense	70
Wages Payable	50




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