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I want the journal entry for round trip between year end date, e.g:
flight to: 01 Dec 2018, $6000;
return : 01 Jan 2019, $4000;Total Fare: $10,000;
Total Taxes: $ 500;
Paid on : 15 Nov 2018thank you very much
The cost would be allocated to the periods in which the flights take place. Assuming that you mean that the taxes would be in addition to the fares, if this $500 was not shown as split between the two flights it would have to be estimated. There is usually information on an airline’s www about airport taxes/duties etc, so, for example, if they depend on the class of travel (economy/premium/business) and both flights were of the same class, the taxes would be split 50:50 regardless of the individual flight fares. So, I suggest the journals would be:
Dr Travel expenses $10,500/Cr Cash $10,500 – on 18 Nov
At the end of the year:
Dr Prepayments $4,250/Cr Travel expenses $4,250
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