Hello, 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. Question: 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 :)
