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3 years ago

Prepaid expenses have

Business

1 answer:

Scrat [10]3 years ago

7 0

Answer:

Been paid for but not yet recorded as expenses

Explanation:

Prepaid expenses have been paid for but not yet recorded as expenses.

They are future expenses paid for in advance or costs that have been incurred without the benefits being enjoyed by the company.

A good example of prepaid expenses id Rent paid in advance at the beginning of the year. Such rent is a cost incurred in advance as the rent period has not been enjoyed yet.

The entries for such prepaid expenses is to debit 'prepaid expenses' like an asset and credit Bank/Cash. The expense account is debited after the benefits have accrued, with the corresponding Credit going to the Prepaid expenses account.

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3 years ago

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4 years ago

Paul Bunyon Lumber Co. produces several products that can be sold at the split-off point or processed further and then sold. The

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4 years ago