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Hi 🙂 I am currently doing a bookkeeping for my client and he had a negative balance of some 15000 in one of his expense accounts. That means income right?
So what,s the adjusting journal entry to remove that negative balance?the negative balance is due to a expense paid in advance ? well think u have to note that to who is gonna prepare the financial statement … create a prepayment account and ..Debit the expense prepayment as its a asset
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