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what is the Entry for Prepaid expenses? which side it come
in balance sheet?
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Answer Posted / ihtisham
if you purchased a machinery for 100,000 on account the entry should be recorded which is below.
machinery a/c 100,000 (Dr)
creditor a/c 100,000 (Cr)
so after a week you want to pay it in advance before its due date the will pass
prepaid expenses (Dr) 100,000
cash /bank a/c (Cr) 100,000
this balance will appear on the asset side of statement of financial position ( balance sheet)
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