JRaccounting
Oct 14, 2009, 03:28 PM
What is the correct journal entry for recording insurance proceeds for auto loss?
ROLCAM
Oct 15, 2009, 03:27 AM
DEBIT Bank Account
CREDIT Miscellaneous Income (insurance) a/c
Being insurance proceeds for auto loss.
morgaine300
Oct 16, 2009, 07:15 PM
Seems to me you'd credit that against the loss if you've already recorded it.