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What is the Journal Entry for Prepaid Expenses and
OutStanding Salary?
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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
| Is This Answer Correct ? | 53 Yes | 11 No |
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