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SBRDouble entry question

Hhanson909y ago
Hi guys, this is actually a work situation, but is relevant to p2 and i'd appreciate your help. I have a client that posted an advance paid on rent as a liability, but it needs to be reclassified to an asset. (I am a trainee auditor). I'm having difficulty with the double entry, i know that i have to debit the liability, but what is the corresponding credit entry? Thanks in advance
Hhanson909y ago#1
Thanks for your reply. I sorted it out anyway, i figured out that it was a debit balance in the creditors so i was able to reverse it and everything is fine! Thank you
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