Life Insurance Entry Bookkeeping Question

by Barni
(Maple Ridge, BC Canada)

Life Insurance

Life Insurance

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

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Life Insurance Policy's

by Donna
(NE)

Can I write off the premium's for life insurance. I file long form.

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