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Accounting & Bookkeeping & Small Business Forum
Accounting, Bookkeeping, Marketing, and Small Business Resource
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Guest
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| Posted: Thu May 06, 2004 9:38 am Post subject: Bookkeeping Question |
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| I am fairly new with bookkeeping and have a question regarding a vehicle loan. The company purchased a new vehicle with Life insurance and extended warranty for the vehicle. What accounts do I post the life and ext warranty towards? Jenna. |
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Guest
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| Posted: Thu May 06, 2004 4:20 pm Post subject: RE: Bookkeeping Question |
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| YOU NEED TO GET YOUR FACTS STRAIGHTENED OUT. LIF INSURANCE CAN NOT BE USE TO PURCHASE ANYTHING. DID THEY TAKE OUT THE CASH VALUE OF A WHOLE LIFE POLICY OR WHAT??? |
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Guest
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| Posted: Fri May 07, 2004 6:07 am Post subject: RE: Bookkeeping Question |
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| Life insurance was bought so that the vehicle would be paid off if any thing happened. It is included in the loan paymt, but purchased at the same time of the vehicle, so was ext warranty. Usually I would put the total vehicle price and PST and post that to the vehicle account (1000 assets) and the GST to gst (account 2000) and document fee to bank charges (account 5000) That is fairly simple. But with this new loan I wasn't sure about the life and extented warranty. Jenna |
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Guest
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| Posted: Mon May 10, 2004 6:39 am Post subject: RE: Question Answered |
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I received a message from Lori informing me about the bookkeeping question Thanks for the info. Yes I was thiking that it would be payables expense just wanted to be sure. Thanks again.
I would like to say thanks to this forum and thank to the people who respond to them.
Sincerely Jenna |
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