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I had ipads stolen, how do i record that and also the insurance took 500 deductible out of payment how is that handled?
IF the ipads were held as fixed assets and have been depreciated then
calculate and post partial year depreciation
create an expense account called theft expense, then journal entries
debit ipad accumulated depreciation for the total in the account, credit theft exp
debit theft exp, credit the ipad fixed asset accounts for the total in the accounts
deposit the check received and use the theft expense account as the source account for the deposit
IF the ipads were already expensed when purchased and are not carried as fixed assets, deposit the insurance check and use "Other Income" as the source account for the deposit