“Oh GOSH! Reflecting on Hackteria's Collaborative Practices in a Global Do-It...
Advances and prepayments explained by M Arif Karim
1.
2.
3. Expense Account
Prepayments b/d XX Accrued b/d XX
Payments XX Profit & Loss A/C XX
Accrued c/d XX Prepayments c/d XX
Total Total
Prepayments b/d XX Accrued b/d XX
4. Revenue/Sales/income Account
Accrued b/d XX Prepaid b/d XX
Profit & Loss A/C XX Payments XX
Prepaid c/d XX Accrued c/d XX
Total Total
Accrued c/d XX Prepaid b/d XX
5. Paid $620 for
four the months
of June, July,
August and
September.
$155 For the
month of
September
are prepaid
Expense
excluded
Example1