On July 1, a company paid the $4,800 premium on a one-year insurance policy with benefits beginning on that date.
70 Yes : 21 No : What is the journal entry for insurance premium payment of a company.. Answer / sankeerthana. ... survival in case of pure endowment assurance. Since the double of the policy amount is paid at the survival, one more premium on the basis of pure endowment is added to the premium of ordinary endowment policy. Paid $1,200 down and the balan placed on account. a)$2,160. So if you have already paid 3 years' premium, not paying any future premiums will convert the policy into a paid-up policy. Therefore, the insurance payments will likely involve more than one annual financial statement and many c Paid premium on a one year insurance policy d Property tax accrual 138. My company made an agreement "Employee Medical Insurance Contract for the year 2018" and the total amount will be paid on 4 payments "Every 3 month" according to the deal and the contract terms. On April 1. 36) On April 1, a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaid Insurance. This is often the case when a person has had their insurance policy canceled for non-payment in the past. Payments will be $400.00 per month for nineteen months. July 3 Purchased landscaping equipment from Brookwood Company, $8,800. An insurance premium is the amount of money an individual or business must pay for an insurance policy.
In every insurance policy one can pay due premiums till the grace period beyond due date. On April 1, 2016, the premium on a one-year insurance policy was purchased for $3,000 cash with the insurance coverage beginning on that date. If the insurance company decides they want the insurance premium up front, they may also require that. 1 Paid $10,800 for the premium on a one-year insurance policy effective today. The first payment is Note: Use Accounts Payable for the Balance Due. Is This Answer Correct ? e)$900 It is also worth considering whether there have been any changes in your circumstances which might let your current insurer charge you a lower premium.
When buying insurance it is important to shop around to get the best policy for you, particularly if your own circumstances have changed over the year. 14 Paid an employee $1,800 for two weeks' salary. July 3 Purchased landscaping equipment from Brookwood Company, $8,800. c)$540. From April 1, 2019 to December 31, 2019, the company had bought the insurance for 9 months. July 3 Purchased landscaping equipment from Brookwood Company, $8,800. At the end of the year, the financial statements would report: A) Insurance Expense, $1,200; Prepaid Insurance $3,600. b)$1,080. Pages 78 Ratings 89% (19) 17 out of 19 people found this document helpful; This preview shows page 18 - 23 out of 78 pages.
The insurance premium is sometimes paid on an annual basis, semi-annual or, as most companies today allow, a monthly financing of the premium. On July 1, a company paid the $2,160 premium on a one-year insurance policy with benefits beginning on that date. e)$900 d)$1,620. Question: The 22.
On April 1, a $4,800 premium on a one-year insurance policy - 00280611 Tutorials for Question of Accounting and Accounting And … A whole life insurance policy is “paid-up” when no further premium payments are needed to keep the policy in force. July 1 Paid the current month's rent, $2,080. On July 1, a company paid the $2,160 premium on a one-year insurance policy with benefits beginning on that date. The grace period ranges from 15 days to 30 days. You won't get any money back in the year you turn it into a paid-up policy but will have to wait till the policy's original maturity.
July 1 Paid the current month's rent, $2,080. The insurance premium is sometimes paid on an annual basis, semi-annual or, as most companies today allow, a monthly financing of the premium. The first payment is due 8 Note: Use Accounts Payable for the Balance Due.
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