- Joined
- Aug 5, 2019
- Messages
- 2
- Reaction score
- 0
- Country
Hello guys,
I have a finance company that works with the insurance company that services one of the condos I manage. They recently financed the insurance premium on a condo, but the check was never deposited into the condos bank account. The finance company sent the check directly themselves. Would I still journalize it the same way as if the check had been deposited into the condo association and then payment was made?
Debit bank account
Credit loan payable
Credit bank account
Debit pre paid insurance
I have a finance company that works with the insurance company that services one of the condos I manage. They recently financed the insurance premium on a condo, but the check was never deposited into the condos bank account. The finance company sent the check directly themselves. Would I still journalize it the same way as if the check had been deposited into the condo association and then payment was made?
Debit bank account
Credit loan payable
Credit bank account
Debit pre paid insurance