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    rdr's Avatar
    rdr Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 17, 2006, 09:41 AM
    Insurance settlement
    Our retail business had a fire with $80000.00 in damages and only received $40000.00 from the insurance company. How do I record the damage, the check from the insuance company and the loss. Thanks for your help.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Jun 17, 2006, 12:43 PM
    Dr. Cash 40,000
    Dr. Extraordinary Loss 40,000 (this number will be an expense that goes on your income statement)
    Cr. Inventory (or whatever it was that was lost) 80,000
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