Advance paid to Employee 1000$. Employee incurred expenses of 800$ and he returned 200$. What is the Accounting Entry?
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Answer Posted / raman
Prepayment/Advance Dr. 1000
Liability 1000
Liabilty Dr. 1000
Bank 1000
Expense Dr. 800
Liability 800
Liabilty Dr. 800
Prepayment/Advance 800
Prepare a credit memo
Liability Dr. 200
Prepayment/Advance 200
Bank Dr. 200
Liability 200
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