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- A prepaid expenses journal entry is an accounting record that acknowledges an expense paid in advance. The initial entry records the payment as an asset by debiting "Prepaid Expenses" and crediting "Cash." As the benefit is used, an adjusting entry debits the expense account and credits “Prepaid Expenses”123.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.What Is a Prepaid Expenses Journal Entry? A prepaid expenses journal entry is an accounting record that acknowledges an expense paid in advance. The journal entry plays a crucial role in maintaining accurate financial reporting for your business.www.highradius.com/resources/Blog/prepaid-expe…The journal entry for prepaid expenses first records the payment as an asset by debiting "Prepaid Expenses" and crediting "Cash." As the benefit is used, an adjusting entry debits the expense account and credits “Prepaid Expenses.” The accounting side of prepaid expenses involves two main steps:www.enerpize.com/hub/prepaid-expense-journal-e…The initial journal entry for prepaid rent is a debit to prepaid rent and a credit to cash. These are both asset accounts and do not increase or decrease a company’s balance sheet. Recall that prepaid expenses are considered an asset because they provide future economic benefits to the company.corporatefinanceinstitute.com/resources/accountin…
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