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General Accounting Discussions: Contra Account

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    • CommentAuthorboarguello
    • CommentTimeDec 17th 2007
     
    Can someone help me make a journal entry on an insurance contra account. Our ER pays 1/2 of insurance and EE pays 1/2.

    We received the actual bill form the insurance account and I paid it. CR cash and db insurance expense.

    How do I post the following?

    for example

    Payroll date 11/30/07
    health insurance $500.00
    dental insurance $100.00
    vision insurance $ 50.00

    How do I post this?
    • CommentAuthorcbmtax
    • CommentTimeJan 7th 2008
     
    Let's say that your gross payroll was $5000.00

    DB Wages/Salaries $5000.00
    CR Health Ins. $500.00
    CR Dental Ins. $100.00
    CR Vision Ins. $50.00
    CR Payroll Cash Account $4350.00

    This insurance payment is part of their salary and they are reimbursing the company for it via their paycheck. The actual expense is what you are billed less the reimbursement from the employees.

    Of course, this entry does not account for any taxes, but you get the idea.

    Monty

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