Answer:
A prepaid salary is when a company pays an employee's salary before the employee has performed any work. For example, a company might pay an employee in advance to complete a project that will take a month. In accounting, a prepaid salary is considered a prepaid expense and is recorded as an asset on the balance sheet.
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Prepaid Expenses - Meaning, Journal Entry and Examples - Navi
20 Mar 2023 — A prepaid expense journal entry is a transaction recorded in the accounting books to recognise an expense that has been paid in advance. The journal entry debits the prepaid expense account and credits the cash account, reflecting the payment made
Prepaid Expenses | Definition, Balance Sheet & Examples
Prepaid Salaries: A firm pays an employee's salary in advance of the employee performing work. For example, a firm pays an employee in advance to complete a project that will take one month. This is considered a prepaid salary and shows up as an asset on the balance sheet.
Explanation:
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