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-   -   Insurance Proceeds (https://www.askmehelpdesk.com/showthread.php?t=406027)

  • Oct 14, 2009, 03:28 PM
    JRaccounting
    Insurance Proceeds
    What is the correct journal entry for recording insurance proceeds for auto loss?
  • Oct 15, 2009, 03:27 AM
    ROLCAM

    DEBIT Bank Account
    CREDIT Miscellaneous Income (insurance) a/c

    Being insurance proceeds for auto loss.
  • Oct 16, 2009, 07:15 PM
    morgaine300

    Seems to me you'd credit that against the loss if you've already recorded it.

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