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My escrow account ( other current asset ) paid for my property insurance. however i cancelled the insurance and received a check from them. How do i record all of these?
deposit the check and use the escrow asset account as the source account for the deposit
I did a journal entry by the escrow , doing a credit by escrow and debit by insurance expense. than i did a deposit to the bank also doing the account as insurance expense. Is that done correct?
Also, when i did the journal entry i recorded the payee as the insurance company and did the same by the deposit. however the account still has a balance when it should have been cleared. g
I would appreciate your insight.