Answer Posted / prabhu

1. Outstanding expenses:-

A) Journal Entry:-

Concerned Expenses A/C .....dr XXX
To Outstanding expenses .... XXX

B) Payment Entry:-

Outstanding expenses A/C ..... dr XXX
To Cash / Bank A/C ..... XXX

2. Prepaid Expenses :-

A) Journal Entry:-

Prepaid Expenses A/C ...... dr XXX
To Concerned Expenses A/C ..... XXX


B) Payment Entry:-

Concerned Expenses A/C .....dr XXX
To Cash / Bank A/C ..... XXX

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