Debit advance paid
Credit cash / bank
Suppose "A" Gives Rs 100000 as an Advance to "B" what will be the Journal Entry of Advance given to B and latter the Advance settling entry after the B give a bill to A
Debit advance cash receivedCredit unearned revenue
Debit advance salaryCredit cash / bank
Debit advance payment for assetCredit cash / bank
debit advances accountcredit cash
Suppose "A" Gives Rs 100000 as an Advance to "B" what will be the Journal Entry of Advance given to B and latter the Advance settling entry after the B give a bill to A
cash debit rent in advance credit
debit advance cashcredit cash / bank
Debit advance cash receivedCredit unearned revenue
Debit advance salaryCredit cash / bank
Debit advance payment for assetCredit cash / bank
As it is a advance receipt the journal entry would be cash dr. to deferred revenue
debit advances accountcredit cash
Bank a/c DrTo Advance from the party A/c
advance salary a/c dr to cash
A cash advance received from customer journal entry is required when a business receives a cash payment from a customer in advance of delivering goods or services.
Debit customer depositsCredit unearned revenue