Property Casualty Insurance Accounting
Help me journalize These transactions please, completely clueless?
I was asked by a friend to help him with accounting homework and I waited around forever to help him and now that im sitting with him, I can’t remember a thing. Basically I just need a line by line of what to debit and what to credit to get refreshed then I will be able to explain the why. I will be willing to make this two parts so answerers get more out of this.
1. paid three months rent on a lease rental contract 4,800
2. paid the premiums on property and casualty insurance policies 1,800
3. received cash from clients as an advance payment for services to be provided and recorded it as unearned fees 5,000
4. purchased additional office equipment on account from the office station co., 2,000
5. received cash from clients on account 1,800
6. paid cash for a newspaper advertisement 120
7. paid office station co. for part of the debt incurred 1,200
8. recorded services provided on account 4,200
9. paid part-time receptionist for
(check for part 2)
1. Debit rent 4800, credit Checking account (or cash) 4800
2. Debit Insurance expense 1800, credit checking acct 1800
3. Debit checking 5000, credit an asset account called Prepaid Income 5000.
4. Debit asset acct Furniture & Fixtures 2000, credit Liability acct N/P Office Station Co, 2000.
5. Debit checking 1800, credit accounts receivable 1800
6. Debit advertising expense 120, credit checking 120
7. Debit N/P office station liability 1200, credit checking 1200.
8. Debit accounts receivable 4200, credit Services Income
9. … going to part 2….
Insurance Agents : How to Work in an Insurance Company
|
|
Life and Health Insurance License Exam Cram $21.05 If you are studying for your life and health insurance licensing exam, we have the ultimate study tool for you. Life and Health Insurance License Exam Cram is a great resource to help you learn the concepts, laws, rate calculations and state and federal regulations that will be covered on the exam. You’ll also receive a CD that includes a fully-customizable test engine, detailed score report and s… |
|
|
Property and Casualty Insurance License Exam Cram $28.25 If you are preparing for a career in property and casualty insurance, you need to pick up a copy of Property and Casualty Insurance License Exam Cram. You will quickly learn the concepts, laws, rate calculations and state and federal regulations that will be covered on the exam. You’ll also receive a CD that includes a fully-customizable test engine, detailed score report and state-specific law su… |
|
|
Principles of Risk Management and Insurance (10th Edition) $85.00 Principles of Risk Management and Insurance focuses primarily on the consumers of insurance, and the text blends basic risk management and insurance principles with consumer considerations. Praised for its depth and breadth of coverage, the Tenth Edition provides even more flexibility in its organization by giving an overview of the insurance industry first, before discussing specific plans. Basi… |
Write a comment: