What account(s) needs to be debited when paying Owner's monthly Life Insurance premium? I know to credit bank account - but unsure of debit side. Medium sized company with one owner. Does an asset account need to be created to show value of policy? If yes, then can I get an example showing $100.00 monthly fee with the Death Benefit payout being 1 million.
Thank you for your help BB in Maple Ridge, British Columbia, Canada