Accounting Liabilities

liabilities??? accounting?

is health insurance a liability? so when I input it should it be under liability or expense
i just took over books for ths company and they have some inputted as ins-owner under liability and then some inputted as ins. as an expense….

It’s an expense – when you cancel it, you stop paying. A liability is like a loan – you have to keep paying until the entire amount owing is paid

Accounting Basics 4- Liabilities

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