A corporation paid $2000 in annual insurance premiums on Nov 1, for whole life insurance on the CEO of the company. The corporation is the beneificary. They received a statement from the insurance company stating the increase to the investment portion of the policy was $300 for the year.

What are the entries? I am assuming this is a long-term investment...
Here's what I have come up with, I need to know if I am correct or not...
Insurance Investment $300
? I don't know the credit entry
Insurance Investment $2000
Cash $2000

Any help would be appreciated!!

Wouldn't it be cash. You are going to have to pay it, correct?