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What is the journal entry for prepaid expense when cash is not paid?
Wiki User
∙ 9y ago
prepaid expenses are those expenses for which cash is paid in advance but if there is no cash payment then that is not prepaid expense and hence no entry required.
Wiki User
∙ 9y ago
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What is the journal entry for Advance Medical Expense?
Debit prepaid expensesCredit cash / bank
How do you journal entry prepay account?
Dr: Prepayment to Suppliers (In Case of Expense, then "Prepaid expense" account will be debited e:g Prepaid Rent) Cr: Bank/Cash
Journal entry for income paid in advance?
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
What is the journal entry of prepaid rent?
1. [Debit] Prepaid Rent xxxx [Credit] Cash xxxx
What is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
What is the journal entry for medical expense?
Debit prepaid expensesCredit cash / bank
What is the journal entry for Advance Medical Expense?
Debit prepaid expensesCredit cash / bank
What is the journal entry for unused travel expenses paid in advance?
you would label it as a prepaid expense. Debit -prepaid travel expense credit- cash
How do you journal entry prepay account?
Dr: Prepayment to Suppliers (In Case of Expense, then "Prepaid expense" account will be debited e:g Prepaid Rent) Cr: Bank/Cash
Journal entry for income paid in advance?
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
What is the journal entry of prepaid rent?
1. [Debit] Prepaid Rent xxxx [Credit] Cash xxxx
What is journal entry for expense payment?
what is the entry for an excess payment from customer
Journal entry of prepaid expenses?
A journal entry for prepaid expenses involves debiting the prepaid expense account to recognize the asset acquired, and crediting the cash or bank account to show the payment made. Over time, the prepaid expense is gradually recognized as an expense through adjusting entries by debiting the relevant expense account and crediting the prepaid expense account. This process ensures that expenses are matched with the revenues they help generate.
What is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
What is the journal entry of insurance paid in advance?
debit prepaid insurancecredit cash / bank
What is the journal entry for insurance policy was paid for a year?
debit prepaid insurancecredit cash
What is the journal entry for advance insurance premium paid in cash?
prepaid insurance a/c..........dr. To insurance a/c
