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

    Oct 14, 2009, 03:28 PM
    Insurance Proceeds
    What is the correct journal entry for recording insurance proceeds for auto loss?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Oct 15, 2009, 03:27 AM

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

    Being insurance proceeds for auto loss.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #3

    Oct 16, 2009, 07:15 PM

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