I have two questions regarding Shareholder Distributions for my S-Corp where I am both the owner and employee.
I appreciate any help. My income is very low. Thank you.
- My S-Corp pays my ACA Healthcare premiums each month. At the end of the year I am supposed to close out the Health Insurance account with a Credit to Health Insurance and a Debit to Shareholder Distributions. Is this correct?
- I'm also taking a $2500 distribution. I have Capital Stock of $3000 and I am the 100% shareholder. What are the journal entries for this transaction?
I appreciate any help. My income is very low. Thank you.