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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 Posted / saurabh parwal
1) AP Prepayment
Advance Dr. 1000
Liability Cr. 1000
Liabilty Dr. 1000
Bank Cr. 1000
2) AP Invoice:
Expense Dr. 800
Liability Cr. 800
3) AP Prepayment to Invoice application
Liability Dr. 800
Advance Cr. 800
4) AP Dummy Invoice
Clearing Account Dr. 200
Liability Cr. 200
5) AP Prepayment Application (to close the original prepayment)
Liability Account Dr. 200
Advance Account Cr. 200
6) AP credit memo
Liability Dr. 200
Clearing Account Cr. 200
7) AP Refund
Bank Dr. 200
Liability 200
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