Insurance Journal Entry Questions Question 1 An employee of our small business damaged our property with her car. The business paid to have the damage repaired and later the employee reimbursed the business with a check from her insurance company. What GL account should this reimbursement go into...
The journal entry for prepaid insurance is similar to the standard entry for insurance expense. When recognizing the expense for a prepaid insurance policy, accountants will debit an expense account and credit prepaid insurance. Companies will recognize insurance expense each month using this process, ...
B is corrent because when the premium on the 3-year insurance policy was paid in total on January 1, year 1, a prepaid asset was recorded. At the end of each of the next 3 years, one-third of the premium must be amortized to expense using the following journal entry:A is incorrect...
We estimate the impact of a differential treatment of paid employees versus entrepreneurs in a public health insurance system on the entry rate into entrepreneurship. In Germany, the public health insurance system is mandatory for most paid employees, but not for entrepreneurs, who usually buy privat...
This applies to most of the insurance you pay as a business owner, such as property, liability, auto, workers' compensation and health coverage for employees and yourself. All of these usually get paid in advance. This creates a special situation in accounting, though. When you buy a new ...
I want to create a journal entry for a more than 2% shareholder as a fringe benefit for health insurance premium paid. I have done this in my QB 2017 version, but my 2021 looks totally different and I cant figure it out. Nor can any payroll tech...
Correcting Journal Entries for Errors Insurance of $900was paid in Year1.The insurance relates to Year2and was recorded as insurance expense when it was paid. No adjusting journal entry was made at the end of Year1. Warranty costs of $2...
T=c/2, on top of the private care paid at p=c. If they go private their utility is b+u(yH−32c). When they prefer treatment in the public sector (i.e. if all rich individuals go to the public sector) then they pay T=c, in which case the utility is b+u(yH−c). The...
Premiums paid by employers on behalf of employees are generally deductible in calculating both income and payroll taxes. Conversely, the self-employed were not able to deduct health insurance premiums when calculating income tax or payroll tax liabilities prior to 1987. In calculating income taxes, ...
According to BaFin, the most common complaints reported by customers were related to the amount of compensation and benefits paid and the incorrect claims settlement process. Development Opportunities and Prospects of Insurance Intermediation in the Light of the IDD Directive The European insurance ...