Prepare the journal entries and provide explanations.

Holiday received $56,000 in municipal bond interest during 2017. Holiday also paid $17,400, in insurance premiums for a life insurance policy for the CEO on which Holiday is the beneficiary. Holiday also paid $3,000 in insurance premiums on other key executives but Holiday is not the beneficiary on these policies.

Answer rating: 100% (QA)

Journal entries Date Accounts Titles Debit Credits a Cash 56000 Intere... View the full answer