Bus fares

Question

Jul 6, 2006, 10:50 AM

fperez

New Member

Join Date: Jul 2006

Posts: 1

Bus fares

Does anyone know - in fiscal year end (June 06) if a field trip occurs in July 06 and advance is made to individual in June 06 - individual purchases bus fares for field trip on June 30, 06. Do we have an expense in June or July.

Answers

Jul 6, 2006, 12:49 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	July. In June, it would be recorded as a prepaid asset. June 06 Dr. Prepaid Asset Cr. Cash July 06 Dr. Bus Expense Cr. Prepaid Asset

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