Public Liability And Property Damage Insurance Accounting Help?
Accounting help? - public liability and property damage insurance
Hello to all
I wonder if someone could help me solve this problem, accounting transaction
29. July has purchased 24 months of liability insurance for $ 3200th This protects the company from liability for injuries and property damage caused by your computer. Policy is effective August 1, 2007
This is my attempt to solve
DR Unexpired Insurance $ 3200
CR $ 3,200 in cash
Please tell me your thoughts or to correct if its wrong please
Another question we ask: Is this as a transaction
29. July Arms Bob received a request from the City of Vancouver conttract to offer. Bob believes that his company successful in the bid and asked his accountant his record sales and is of the opinion that add to the entry of trucks was $ 60,000
If this is a process which someone plz help me to understand what accounts dbe shoulder could be affected by the transaction
thx in advance
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2 comments:
1 is correct - left Debit (prepaid) insurance, credit cash.
2. one - no support for the registry. You can not produce the expected revenue
For the first
Dr Prepaid insurance-$ 3,200
Cr Cash
Then every month, make this magazine
Dr Insurance 133
Cr 133 insrance Prepaid
For the second, I DONT, do you think that the meter must register as a transaction
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