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    fperez's Avatar
    fperez Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 6, 2006, 11:50 AM
    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.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Jul 6, 2006, 01:49 PM
    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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