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Prepaid expenses may need to be adjusted at the end of the accounting period. The adjusting entry for prepaid expense depends upon the journal entry made when it was initially recorded. There are two ways of recording prepayments: (1) the asset method, and (2) the expense method.

Mar 2, 2023 · If a portion of advance payment remains unexpired at the end of a period, the following adjusting entry is made to convert that portion into an asset (i.e., prepaid expense): The Blue Sky Sports Merchant closes its books on 31 December.

Apr 20, 2014 · The journal entry for prepaid expenses involves two accounts: prepaid expense a/c and expense a/c. Learn how to account for them and create a Prepaid Expenses Journal Entry!

Aug 22, 2024 · Adjusting Journal Entry (monthly, as rent is used): Assuming monthly rent of $1,000 is expensed at the end of each month: Explanation: Rent Expense will debited to recognize the expense for the month. Prepaid Rent will credited to reduce the prepaid asset as the rent is utilized.

Feb 1, 2025 · Adjusting entries allocate prepaid expenses to the proper accounting periods, ensuring expenses are recognized when the benefits are received. This aligns with the matching principle, which states expenses should be recognized in the same period as …

May 6, 2024 · To recognize prepaid expenses that become actual expenses, use adjusting entries. As you use the prepaid item, decrease your Prepaid Expense account and increase your actual Expense account. To do this, debit your Expense …

The adjusting journal entry for a prepaid expense, however, does affect both a company’s income statement and balance sheet. Refer to the first example of prepaid rent. The adjusting entry on January 31 would result in an expense of $10,000 (rent expense) and a decrease in assets of $10,000 (prepaid rent).

Mar 14, 2023 · Prepaid expense journal entry example shows how to record a prepaid expense if a business pays rent quarterly in advance of 15,000.

Guide to Journal Entry for Prepaid Expenses. Here we discuss how to record Prepaid expense on the balance sheet along with detailed explanations.

Feb 28, 2025 · At the end of the accounting period, create an adjusting entry that amortizes the predetermined amount to the most relevant expense account. Once all amortizations have been completed, verify that the total in the spreadsheet matches the total balance in the prepaid expenses account. If not, reconcile the two and adjust as necessary.