What is the journal entry for Prepaid expenses?
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Answer / mahendra rajput
1. When paid in advance....
Prepaid Expense A/c.... Dr.
To Cash/Bank A/c............Cr.
2. When actual expense occurred...
Expense A/c.....Dr.
To Prepaid Expense A/c......Cr.
| Is This Answer Correct ? | 25 Yes | 3 No |
Answer / raju
when paid in advance, the general entry would be like that
prepaid expense a/c dr
to expense a/c
| Is This Answer Correct ? | 2 Yes | 14 No |
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