Advisory Fees Expenses Paid In Advance Journal Entry
Prepaid Advisory Fees Expenses Adjusting Entry When the client paid advisory fee expense in advance to the professional consulting company for getting services which are rendered / performed by the company to the client in future, then such paying of advisory fees expense in advance is a Current Asset for the client’s business and the following journal entry is recorded as shown below: (Assuming, Client’s Business Paid Advisory Fees Expense of Rs. 5000 in advance to the professional consulting company ) Advisory Fees Expense Paid In Advance a/c 5000 ...