Logistics
Ship Chartering (Time Charter Payment)
Recording the massive pre-payment for 'renting' an entire ship for 30 days.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Prepaid Charter Hire | Asset (+) | 100,000.00 | - |
| Cash in Bank | Asset (-) | - | 100,000.00 |
💡 Accountant's Note
In high-level shipping, you don't book a container; you 'charter' the vessel. This is a prepaid expense that is amortized daily over the voyage.
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Expert Analysis by Qusai Ahmad
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