Write double entry?

• On 7 November 2021 there was a fire in the warehouse, in which inventory valued at $12,000 was destroyed. Under the terms of the insurance contract, the insurance company has stated that it will only pay out the first $3,000 of the claim. No entries have yet been made to record this.

Answer rating: 100% (QA)

When there is a loss of goods by fire an expense account is debited named loss by fire ... View the full answer