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How do you write a journal entry for a stolen company vehicle and insurance payment?
Wiki User
∙ 10y ago
Assuming you receive cash from the insurance company, rather than a replacement vehicle:
Credit the Fixed asset account for the vehicle at cost.
Debit the Accumulated depreciation account for all depreciation recorded on the asset
Debit Cash for the amount of cash received.
If the difference between these accounts is a credit, then credit Gain on insurance proceeds from casualty loss. If it's a debit, then debit Loss on insurance proceeds from casualty loss.
Wiki User
∙ 10y ago
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What are journal entries for sale of vehicle for a non profit entity?
debit cashcredit vehicle
How do you post a journal entry for the sale of a vehicle?
Debit cash / bankCredit vehicle account
What are journal entries for sale of vehicle for non profit?
debit cash / bankcredit vehicle account
What is the journal entry to write off a motor vehicle involved in an accident?
Debit loss of motor vehicleCredit vehicle account
How do you post a journal entry for sale of a vehicle with depriciation?
The amount received for sale of the vehicle with depreciation is compared to the vehicle's net value and debited as a loss or credited as a gain.
If someone hits my vehicle then speeds away and I get injured can sue my own insurance company for payment of my injuries?
ask them
How can I get my company vehicle insured in Montana?
You can get company vehicle insurance at www.iaai.com.
Do I have to provide insurance for my company vehicle?
Unless you're the company owner, you generally don't need to provide insurance for a company vehicle.
What is a mdi adjustment on a car payment?
When you take a loan out on a car, the company that loans you the money requires you to carry insurance to cover the loss of the vehicle in an accident. If you do not provide them with information, or do not carry insurance, they will get insurance for you, and charge you the cost.
How much is insurance for a company vehicle?
The cost for insurance will be determined by the location of the vehicle as well as the type of vehicle.
Does comprehensive auto insurance pay off and replace the vehicle in the event of auto theft?
Comprehensive is the coverage that would pay for the theft of a vehicle. The policy spells out the insurance companies options on payment. On any claim, the insurance company has the option to repair, replace, or pay the actual cash value of the vehicle in the event of any loss. Generally they do not replace a vehicle but pay the actual cash value less your deductible then allow you to purchase a replacement vehicle. As a matter of full disclosure, I own and operate a small Independent Insurance Agency and have for the part 22 years. Before that I worked as an agent for a direct writer insurance company. As for the payoff of the loan on the vehicle, the insurance company will have to issue payment to the bank up to the amount owed on the vehicle. The amount they pay has nothing to do with the balance on the loan. If you owe less than the ACV then the balance will be paid to you. If you owe more than the ACV then you will have to pay the difference to the bank or finance company.
Why would an insurance company declare a vehicle totaled?
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
Can my license be suspended for not paying insuranc I placed on someone elses vehicle?
In most states an insurance company must report to the DMV of your state that your insurance is been canceled. This often results in your state suspending your drivers license unless you can prove that you do not have a vehicle, and that the reason your insurance was canceled was because you no longer have a vehicle. The license plate that was obtained for the vehicle must be returned to the DMV. If insurance was purchased for the vehicle from another insurance company, then you must provide proof that you have insurance from the new insurance company. If the actual owner of the vehicle bought insurance from another insurance company, then this should be easy to prove.
What are car insurance auctions?
If you wreck your vehicle, the insurance company pays you off and you give them the title for the vehicle. The insurance company then turns around and sends the vehicle to an auction (usually for dealers and wholesalers only) and sell it. Most of the time a salvage company will buy the car for parts and the insurance company can recoup some of their money.
What is Progressive Security Insurance Co?
An insurance company that sell vehicle insurance to people.
What insurance companies provide company vehicle insurance in Miami, FL?
It is very important too keep your company vehicle insured. I would suggest contacting AllState insurance for a quote.
What happens when a vehicle is totaled and you owe a finance company more than what the insurance company offers?
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