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Advance paid to Employee 1000$. Employee incurred expenses
of 800$ and he returned 200$. What is the Accounting Entry?

Answer Posted / venkatesh

for prepaid expences

prepaid expences....D/r
TO cash

for employee expences

employee exp a/c........D/R
To liability

adjustment of prepayment

liability......D/R
To prepayment

for receiving remaining

cash....D/R
To liability

Is This Answer Correct ?    4 Yes 4 No



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