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Question about entries for Insurance Premimums
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!! |
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Question about entries for Insurance Premimums
Wouldn't it be cash. You are going to have to pay it, correct?
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