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