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Payment of insurance expense affects the balance sheet as it reduces the cash or bank balance which is part of balance sheet as well.
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∙ 9y ago
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Are health insurance premiums a business expense?
If you are paying them for your employees as part of their compensation package, yes, it is a business expense. If it is for yourself, no, it is not a business expense, but it is usually tax deductable under medical costs.
INSURANCE is admin or selling expense?
If you r buying a life insurance scheme & paying prm for the same then its a drawing in your books of accounts & not your expense. If you r buying general insu. For your equipments, furniture, material etc agst theft or loss or any such purpose then it is your admin exp. If you are insuring goods in transit then only it is selling exp.
Is paying for transportation a fixed expense?
yes
What is the definition of overhead?
operating expense: the expense of maintaining property (e.g., paying property taxes and utilities and insurance); it does not include depreciation or the cost of financing or income taxeswordnet.princeton.edu/perl/webwnOverhead is the costs which are necessary for the continuity of a business, for example rent expense, electricity bill, and water bill and others.
What is to expense?
In accounting an expense activity requiring someone to spend money. For instance, paying employees is considered an expense to businesses.
What are some examples of disadvantages to reverse mortgages?
Disadvantages to reverse mortgages include their complexity, their (relatively) high expense when factoring in fees and closing costs, and paying for insurance premiums.
What is the journal entries for paying employee salary?
Salary expense
Journal entry for income paid in advance?
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
Can you pay off a car loan without paying interest-?
If the total interest expense is included in the loan balance, they you'can't pay off the car without paying interest.
Does paying car insurance monthly build your credit?
Paying your insurance premiums do no report to any credit reporting bureaus.
What is deductible for?
When you have a deductible in your plan, before your insurance starts paying for the coverage, you have to meet the deductible after which the insurance starts paying its portion.
What does the insurance do when you are still paying on a truck and someone hits you and it gets totaled?
If the person who hit you is the one at fault in the accident, then their insurance should cover the cost of the damages to your truck. If they don't have insurance, or if they don't have enough to cover all of the costs, then yours should kick in and cover the balance if you have full coverage and not just liability insurance.
