Hello, I would need help to record the loss on disposal for a Fixed Asset that was set up . The issues is that the business operated on Cash Basis and the Balance sheet / Income Statement somehow do not record the Accumulated depreciation . I need to create Journal entries instead and need help on how to enter it to be reflected correctly across . Would I need to create a Loss on disposal Account and categorize it as an Income account or a Expense Account or link the Loss on Disposal back to Fixed Assets . Any help would be appreciated . Thank you. Cost 12/2/2015 4,173.00 Current Accumulated Depreciation 12/31/2017 3,771.62 Reversal of depreciation (Jan 1, 2018 to Dec 31, 2018) 137.62 Loss on disposal 12/31/2018 539.00 _________________________________________________ 1520 - Computer & Office Equipment 4,173.00 CR 1521 - Less-Accumulated Depreciation: Computer & Office Equipment 3,634.00 DB Loss on Disposal ( This Account is not created yet or linked to anything where to I debit the amount to: 539.00
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Could someone please help me with the reconciliation of the actual Credit Card Payment of the emploYER paid health insurance premium. S-corp Health was processed and accounted for with payroll and showed up in the 2170 -Payroll Liability Account as a lump sum and not separated out, it basically shows a credit amount of all benefits Cr $9000 and then in the separate chart of account 6690 -Medical & Dental Expense Account it has a debit AND credit amount for the benefit amount Cr 3000 Debit 3000. When I import the credit card statement with the actual credit card payment amount do I reconcile the spent money of $3000 to the 2170-Liability account or to the 6690-Expense account. How are the actual credit card payments for s-corp healthcare reconciled if the S-corp emploYER paid healthcare was run trough Payroll and recorded in the above mentioned liability and expense account. Thank you.
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