Answer:
A. A credit to Child Care Fees Earned of $4,500.
Explanation:
The journal entry to record this given transaction is shown below:
Cash A/c Dr $4,500
To Child Care Fees Earned A/c $4,500
(Being the fees earned is recorded)
Since the payment is received that means cash balance is increased so we debited the cash account and credited the child care fees earned account.
The monthly fee is $9,000 but we have to compute for 15 days, so it would be
= $9,000 ÷ 2
= $4,500
Answer:
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Explanation:
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Answer will be ‘Desire’ according to me.
Answer:
Pay the claim and the accident occurred during the grace period
Explanation:
Grace period is the period or the set length of the time after the due date during that the payment is to be made without any penalty by the insurer or the person.
The grace period mostly is of 15 days and it is usually involves in the insurance contact and the mortgage loan.
So, in this case, the insurer forget to pay the premium but on march 19, she met with an accident and broke her leg, then the insurance company will be paying the claim as the accident happened during the grace period.
