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what is the Entry for Prepaid expenses? which side it come
in balance sheet?
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Answer Posted / yash bhatia
1) PREPAID EXP. A/C DR.
TO CASH/BANK/PARTY
(IF EXPENSE IS IN A CREDIT THEN THERE IS A CREDIT TO
PARTY A/C)
2) PARTY A/C DR. (IF THERE IS A CREDITOR)
TO CASH/BANK
3) EXPENSES A/C DR.
TO PREPAID EXP. A/C
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