Which of the following adjusting entry is correct for prepaid expenses?

Expenses A/c Dr

To Prepaid expenses A/c

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Prepaid expenses A/c Dr

To Expenses A/c

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Cash A/c Dr

To Prepaid expenses A/c

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None of these

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Solution

The correct option is B

Prepaid expenses A/c Dr

To Expenses A/c

The correct adjusting entry is

Prepaid expenses A/c Dr

To Expenses A/c

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Similar questions

What is the adjusting entry for prepaid expenses?

State the meaning of

(a) Outstanding expenses

(b) Prepaid expenses

(d) Accrued income

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