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Advance paid to Employee 1000$. Employee incurred expenses
of 800$ and he returned 200$. What is the Accounting Entry?
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Answer / jalu
Advance paid to Employee 1000$. Employee incurred expenses
of 800$ and he returned 200$. What is the Accounting Entry?
Advance paid to employee:
Prepaid expenses a/c dr 1000$
To Cash a/c 1000$
Employee incurred expenses entry:
Employee miscellaneous exp a/c 800$
To Prepaid expenses a/c 800$
For Return:
Cash a/c Dr 200$
To Prepaid expenses 200$
am i right?
| Is This Answer Correct ? | 19 Yes | 0 No |
Entry for Advance
prepaid expences....D/r
TO cash
Entry for Expenses Incurred
Employee exp A/c........D/R
To liability
Entry for Advance Adjustment
liability......D/R
To prepaid Expenses
for receiving remaining
Clearing a/c......D/R
to Prepaid Expenses
Cash A/c .....D/R
Clearing A/c
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / prasanna kumar sahoo
Advance paid to Employee
Prepaid expense a/c dr $1000
To Cash a/c $1000
Incurred exp and return remaining money
Employee misc expense a/c dr $800
Cash a/c dr $200
To Prepaid expense $1000
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / venkatesh
for prepaid expences
prepaid expences....D/r
TO cash
for employee expences
employee exp a/c........D/R
To liability
adjustment of prepayment
liability......D/R
To prepayment
for receiving remaining
cash....D/R
To liability
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / sami
Hi friends,
I would like know whether i can enter a invoice in closed period.. if the answer is no then please let me know how to enter the invoice of current period which has not been recorded in open period.
because that period is closed.
Please in detail..
| Is This Answer Correct ? | 0 Yes | 0 No |
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