What is the journal entry for Prepaid expenses?
Answer Posted / mahendra rajput
1. When paid in advance....
Prepaid Expense A/c.... Dr.
To Cash/Bank A/c............Cr.
2. When actual expense occurred...
Expense A/c.....Dr.
To Prepaid Expense A/c......Cr.
Is This Answer Correct ? | 25 Yes | 3 No |
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