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    Prepaid Expenses: Dr-Prepaid Expenses (Asset) Cr-Cash A/c Dr-Cash/Bank Cr-Prepaid Income (Liability)

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    Nayamath Syed
    Prepaid expenses are recorded as assets when payment is made in advance for goods or services to be received in the future. When the goods or services are received, the prepaid expense account is reduced and an expense is recorded. Payments received in advance for goods or services to be provided in the future are recorded as prepaid income, a liability account.

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    Prepaid Expenses: Dr-Prepaid Expenses (Asset) Cr-Cash A/c Dr-Cash/Bank Cr-Prepaid Income (Liability)

    Uploaded by

    Nayamath Syed
    9 views1 page
    Prepaid expenses are recorded as assets when payment is made in advance for goods or services to be received in the future. When the goods or services are received, the prepaid expense account is reduced and an expense is recorded. Payments received in advance for goods or services to be provided in the future are recorded as prepaid income, a liability account.

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    Accounting Entries

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    Prepaid expenses are recorded as assets when payment is made in advance for goods or services to be received in the future. When the goods or services are received, the prepaid expense account is reduced and an expense is recorded. Payments received in advance for goods or services to be provided in the future are recorded as prepaid income, a liability account.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    9 views1 page

    Prepaid Expenses: Dr-Prepaid Expenses (Asset) Cr-Cash A/c Dr-Cash/Bank Cr-Prepaid Income (Liability)

    Uploaded by

    Nayamath Syed
    Prepaid expenses are recorded as assets when payment is made in advance for goods or services to be received in the future. When the goods or services are received, the prepaid expense account is reduced and an expense is recorded. Payments received in advance for goods or services to be provided in the future are recorded as prepaid income, a liability account.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
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    Prepaid Expenses

    Dr-Prepaid Expenses (Asset) Cr-Cash A/c Dr-Cash/Bank Cr-Prepaid Income (liability)

    Prepaid Income

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