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fund accounting prepaids A 2022 December check was issued for a 2023 event in January 1/20/23 D: prepaid C: cash the entire check was not
fund accounting prepaids
A 2022 December check was issued for a 2023 event in
January 1/20/23
D: prepaid
C: cash
the entire check was not used for the event; therefore the remaning amount was returned to the accounting deparment on 1/25/23
what would be the entry for the returned amount? would we reduce expenses in 2023 or reduce prepaids in 2022
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