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What is the Journal Entry for Prepaid Expenses and
OutStanding Salary?
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Answer Posted / zaheer khan
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 /
| Is This Answer Correct ? | 15 Yes | 7 No |
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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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