Calculate the Building, Contents, and Total Property Insurance Premium for the Following

question 109

Short Answer

Calculate the building, contents, and total property insurance premium for the following policy. $\begin{array}{lllllll}\text { Area } & \text { Structural } & \text { Building } & \text { Building } & \text { Contents } & \text { Contents } & \text { Total } \\\text { Rating } & \text { Class } & \text { Value } & \text { Premium } & \text { Value } & \text { Premium } & \text { Premium }\\\hline5&\text {C}&\$150,000&&\$70,000&&\end{array}$

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Definitions:

Unearned Revenue

Money received by an entity for services or goods yet to be delivered or performed; it is recorded as a liability until the service or goods are delivered.

Journal Entry Formats

Different structured ways of recording transactions in a journal, designed to ensure accuracy and completeness in financial record-keeping.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments have been made for errors, accruals, and deferrals.

Trial Balance

A bookkeeping report that lists the balances of all ledgers in two columns, debits and credits, to verify that total debits equal total credits.