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In terms of end of month processing, Christopher Prepaid Rent at the start of the financial year. Prepayments are recorded as assets and the portion
- In terms of end of month processing, Christopher Prepaid Rent at the start of the financial year. Prepayments are recorded as assets and the portion used for the month (expense) is recorded in the general journal as an adjusting entry, which you will need to record in the accounts.
- There was a wages accrual processed at the end of January 2020, which was estimated to be $1,500. Reversal entries for wages accrued are done at the start of February. You will need to determine how to record a reversing entry for wages accrued.
How do i entry these to myob account right?
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