Debt Service
"what accounts are affected and how when a payment on account is received from a customer
It depends on how the premiums for the disability insurance were paid.
Unearned revenue accounts represent the amount of cash received before services are provided. Since services have not been provided yet, it is not revenue. (It represents the obligation for future services in order for the revenue to be earned.)
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
Accounts payable
There is no obligation to leave a tip in a restaurant, if you received bad service.
No. How can they prove that nothing was received, if nothing was received? The person who was supposed to pay for the policy should have cancelled checks or bank statements indicating that premiums were paid.
"what accounts are affected and how when a payment on account is received from a customer
Contractual Obligation - 2009 is rated/received certificates of: USA:PG-13
It depends on how the premiums for the disability insurance were paid.
Yes
Unearned revenue accounts represent the amount of cash received before services are provided. Since services have not been provided yet, it is not revenue. (It represents the obligation for future services in order for the revenue to be earned.)
Premiums not yet received by the insurance company. However, to carry the uncollected premiums as an asset on the insurance company's books, the premium must also be due. The due and uncollected premium asset can include premiums that are unpaid for upto 90 days (3 months).
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
Accounts payable
An increase in Accounts Payable means that the company has received more invoices that are due for payment.
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