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Sagot :
On July 1, Smokey Company pays $13,308 for a one-year insurance contract. Debit Rent Expense, $8,000; credit Prepaid Rent, $8,000; this is the adjusting entry for December 31.
What is insurance policy?
An insurance contract, represented by a policy, provides financial protection or reimbursement from an insurance company in the event of a loss to the policyholder. In order to lower costs for the insured, the company pooled the money from its customers.
Plans for insurance are designed to guard against the possibility of both significant and minor financial losses brought on by damage to the insured's property or person, or by liability for injuries or damages to a third party.
An insurance policy is a contract that an insurer enters into to reimburse another party for losses brought on by particular risks or occurrences.
There are several varieties of insurance. The four most common types of insurance are life, health, home, and auto.
To learn more about insurance policy
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