Log in

View Full Version : Journal entries for insurance companies when they collect a one year policy

Moxy39C
Apr 18, 2012, 04:12 PM
What is the journal entry that would occur when an insurance company collects $1,200 for a one year policy?
pready
Apr 18, 2012, 05:45 PM
Debit Cash for the amount received
Credit Unearned Revenue for the amount received