Where do I record an insurance deductible in the general ledger? and Universal Life Insurance Company Marker

Where do I record an insurance deductible in the general ledger?

I had an insurance claim for a lightening strike. The expenses were put to an insurance receivable, minus $ 500 which was the amount of the deductible. I recorded it as an expense. When I received the insurance check I credited the receivable. Is this the correct way to record the $ 500 deductible?


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Answer by hirebookkeeper
Insurance Loss and expense or expense it to whatever caused the loss such as building repairs for an example.

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Universal Life Insurance Company Marker


Image by ilovememphis
"Founded in 1923 by Dr. J.E. Walker, with co-founders A.W. Willis, Sr. and M.W. Bonner, this family business grew to be the fourth largest African-American-owned life insurance company in the United States. Dr. Walker's son, A. Maceo Walker, continued the business from 1952 until 1983. He was succeeded by his daughter, Patricia Walker Shaw, who ran it until her death in 1985. Descendants of all three families made significant contributions to the company's growth.

Designed by the African-American architectural firm McKissack and McKissack and constructed in 1949, this building houses the national headquarters of the Universal Life Insurance Company. The Egyptian-Revival style building is an ongoing example of the interest that African-Americans developed in the 1920s in Egyptian art. During the era of racial segregation, it was one of the few places where Blacks could gather for their civic and social affairs."

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