debit insurance premium
credit cash / bank
debit insurance premiumcredit cash / bank
prepaid insurance a/c..........dr. To insurance a/c
Life insurance a/c......... Dr to cash a/c
Debit life insurance paidCredit cash / bank
debit prepaid insurancecredit cash
debit insurance premiumcredit cash / bank
prepaid insurance a/c..........dr. To insurance a/c
Life insurance a/c......... Dr to cash a/c
Debit life insurance paidCredit cash / bank
debit prepaid insurancecredit cash / bank
debit prepaid insurancecredit cash
[Debit] Insurance policy Asset [Credit] Cash / bank
debit employee health insurancecredit cash / bank
[Debit] Tax paid [Credit] Cash / bank
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.