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