Employee Cash Advances

Code: 1147
👁 Views: 39

Account Information

Account Type Statement of Financial Position
Normal Balance Debit

Definition

Cash advances granted to employees for daily business purposes

Common Journal Entries

Disburse cash advance to employee

Dr. Employee Cash Advances
Cr. Cash in Hand

Deduct advance from salary

Dr. Salaries Payable
Cr. Employee Cash Advances

Employee repays cash advance

Dr. Cash in Hand
Cr. Employee Cash Advances

Write off advance of resigned employee

Dr. Bad Debt Expense
Cr. Employee Cash Advances

Disburse cash advance to employee

Dr. Employee Cash Advances
Cr. Cash in Hand

Deduct advance from salary

Dr. Salaries Payable
Cr. Employee Cash Advances

Employee repays cash advance

Dr. Cash in Hand
Cr. Employee Cash Advances

Write off advance of resigned employee

Dr. Bad Debt Expense
Cr. Employee Cash Advances