Exercise 3 Prepare Journal entries for the following transactions of East & West Insurance Company in May
Fantastic news! We've Found the answer you've been seeking!
Question:
Exercise 3
Prepare Journal entries for the following transactions of East & West Insurance Company in May 2015.
May 1, collected JD 20 000 premiums for medical insurance and JD 10 000 for auto insurance.
May 3, agreed with Madaba Insurance to cede 30% of the medical insurance policies of May 1.
May 5, received JD 5000 for premiums for auto insurance premiums ceded from Safedrive insurance.
May 7, paid commission to its agents for the month of April JD 300.
May 10, indemnified auto insurance policy holders for JD 2000.
East & West Insurance Company Journal
please answer note number 5 ( may 10 , indemnified auto insurance ..... ) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expert Answer:
Posted Date:
