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Bus fares
fperez
Posts: 1, Reputation: 1
New Member
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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.
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CaptainForest
Posts: 3,645, Reputation: 393
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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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