Ask Experts Questions for FREE Help !
Ask
    MelanieFay's Avatar
    MelanieFay Posts: 1, Reputation: 1
    New Member
     
    #1

    Aug 11, 2012, 04:10 PM
    A company insurance salesman sold a life insurance policy to a client for a premium o
    A company insurance salesman sold a life insurance policy to a client for a premium of $25,000. The agency billed the client for the policy and is entitled to a commission of 20%.

    How do I do an adjusting journal entry for this question? Will it have two parts to it?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    Aug 11, 2012, 05:39 PM
    Firstly an entry can be as large or as compact as you like as I see it this one has four legs
    Sales, commission payable, accounts receivable and sales commissions

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I cannot find out what life insurance company a policy was written on. [ 7 Answers ]

My dad had a life insurance policy, with me as the sole beneficiary. I was not aware of it until after his death, when my daughter and a close family friend reminded me. They remembered him talking about it but didn't know what insurance company. My nephew was the executor. When my dad died my...

Looking for insurance policy no 9929780 insurance company he have [ 2 Answers ]

Prairie land/federated insurance campany ineed to get this insurance campany

What's the best life insurance policy? [ 3 Answers ]

Hello all. I'm a 43y/o woman in relatively good health.I'm interested in buying a life insurance policy.One of my parents is also interested in buying life insurance.How do we know which type of policy is best? How do we know which company to go through?We want an honest and reputable company.We...

Life insurance policy [ 3 Answers ]

Will the insurance company deduct any taxes on a life insurance policy? Is the year end taxable?


View more questions Search