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Insurance Downpayment and Financing the rest JE


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.

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 :)


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