If you have an Owner Contribution Acct, did your Accountant have you set up another Equity account called Owner Draw Acct? That is where you show the money you pay yourself. (Other than the salary which I'm assuming you're doing for SS, etc.)
On the Insurance, what exactly is being paid on the company CC? Just the companies portion or both your portion and the companies? And do you deduct anything from your Paycheck for the insurance or is it just a separate item? If your paycheck is involved then a question you need to get your Accountant involved in since it may need to be set up as a Liability and then payment. Especially when you get to the year end..... Really should check with him/her on this anyway.
In the simplest of setups, the companies portion is an Expense. So the payment just goes against a Health Insurance Expense Acct. But if the card is also paying your portion, then you need to split off that part of the payment against the Owner's Draw account since it's not a company expense. (Again, in simplest of terms.)
You need to sit down with a tax accountant soon as you can
S-corp does not have equity draw and investment accounts, there are shareholder accounts that can not be used the same way as the equity draw and investment are in non corporations
Distributions are normally tax free, but if they exceed your basis, shareholder value, then they can be taxed as normal income. There are a lot of if-this-then-that in making that determination, so its not cut and dried.
There is no Owner. You are the shareholder of the Corporation, which is its own entity.
"3) I am paying Obama care insurance premiums through company credit card"
That is Taxable to you and has to run through Payroll.
"1) how to balance out negative amount of $80 vs $140 ?"
You overlooked Equity from Operations. You need to run the Balance Sheet report to see All Equity. Distributions are removing asset, so equity goes Down. Once the 1120S is prepared and all year end entries are made, the total in Distribution is taken to zero, offset into Real Equity, so that Distributions start over. If there is only the one shareholder, I just use Retained Earnings for everything, since the program also used it for the Net Income from the prior year end.
"Do I have to keep in equity account or distribution account as I am planning to withdraw more so want to make sure how to record."
Another reason to work with your CPA, is that your understanding of Reasonable Salary might not match what the IRS computes; when there is that much More that you can take, you might have set your salary too low. I have a website for reference that I recommend: ww.rcreports.com where they have great explanations including IRS lawsuit reviews where the IRS lost, and where the Taxpayer Lost.
"2) can I pay dividend insured taking as distribution of those amounts?"
Dividend = C Corp.
Distributions are not really Tax Free; they are considered Taking profits as a sort of Sequence of events: Distributions in the year are considered first as from this year's operation, which is reported on the tax form whether you take distribution or not, for this pass through entity. If you exceed that, then you took from the Prior year as Retained earnings. If you exceed this, you are considered to have removed your own Basis. If you take even more than all of that, this would be Taxable for you, such as, taking a business loan and then Taking the funds personally.
Distributions should never be Routine, as for instance, matching to pay dates. I recommend not more often than Quarterly.
"3) how to handle health insurance premiums and HSA payment through s-corp"
HSA as well as Premiums?
The Health Premium a Taxable Company Contribution, and through QB Payroll on the Desktop, you would set up and use the Payroll Item named for "S Corp Pd Med Premium" as it applies to a 2% or more shareholder. The HSA is a Fringe Benefit.
If you did this in 2018 as Bills or credit Card and Expense, and never ran it through payroll, your W2 and all payroll reporting are going to need to be amended. It's time to find a CPA to get this all corrected.