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structions: repare the entries in the Journal

structions: repare the entries in the Journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assignment You are the accountant of an insurance company. The following events have occurred in December: 30000 1/12/2019, the Company has $,000 monthly renewal premium on a regular premium policy in the month of December. 2/12/2019, the Company has received the outstanding premiums receivable 20% 5/12/2019, the Company has paid ceded .% of reinsurance monthly premiums. 8/12/2019, the agent will receive monthly commission at a rate of a% of the monthly premium value looon 16/12/2019, the company knows for certain that $1,000 of claims will be paid to policyholder but waits for the necessary documents to transfer the money. Reinsurance recoverable on paid losses is equal to 2-%. 18/12/2019, the Company has paid the balance due to agents 23/12/2019, the Company has received the reinsurance recoverable 25/12/2019, the Company has paid the claims payable 30/12/2019, the company writes off the asset for the agent's commission Instructions: Prepare the entries in the Journal
Transcribed Image Text:Assignment You are the accountant of an insurance company. The following events have occurred in December: 30000 1/12/2019, the Company has $,000 monthly renewal premium on a regular premium policy in the month of December. 2/12/2019, the Company has received the outstanding premiums receivable 20% 5/12/2019, the Company has paid ceded .% of reinsurance monthly premiums. 8/12/2019, the agent will receive monthly commission at a rate of a% of the monthly premium value looon 16/12/2019, the company knows for certain that $1,000 of claims will be paid to policyholder but waits for the necessary documents to transfer the money. Reinsurance recoverable on paid losses is equal to 2-%. 18/12/2019, the Company has paid the balance due to agents 23/12/2019, the Company has received the reinsurance recoverable 25/12/2019, the Company has paid the claims payable 30/12/2019, the company writes off the asset for the agent's commission Instructions: Prepare the entries in the Journal
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