more-arw search

Q&A Forum

Insurance Downpayment and Financing the rest JE

Hello,

First of all I would like to thank you for attempting to answer my question. I am thankful for this platform which has helped me with answers related to accounting.
I researched a bit prior but haven't seen an answer that "fits" my situation.

Question:
Insurance Policy total value is $85,000. Effective date 7/12/18
Down Payment 23,000
Amount Financed via 3rd party: 62,000
Finance charge: 2,000
Total $ of payments: 64,000

Payment Schedule; starting 8/12/18. $7,111.11/month for 9 months.

I have different ways to go with this, and have confused myself already.

Any and all help/feedback would be helpful for journal entries related to this.

Thanks :)

55 views
Topics

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.