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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 / rameh reddy
Entry for Advance
prepaid expences....D/r
TO cash
Entry for Expenses Incurred
Employee exp A/c........D/R
To liability
Entry for Advance Adjustment
liability......D/R
To prepaid Expenses
for receiving remaining
Clearing a/c......D/R
to Prepaid Expenses
Cash A/c .....D/R
Clearing A/c
| Is This Answer Correct ? | 3 Yes | 1 No |
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