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    Moxy39C's Avatar
    Moxy39C Posts: 1, Reputation: 1
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    #1

    Apr 18, 2012, 04:12 PM
    Journal entries for insurance companies when they collect a one year policy
    What is the journal entry that would occur when an insurance company collects $1,200 for a one year policy?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Apr 18, 2012, 05:45 PM
    Debit Cash for the amount received
    Credit Unearned Revenue for the amount received
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