Competition Prize: Which Expense Account to Debit?
Hi
Our business is running a competition for the first time, and the competition prize varies from $60 to $40,000 (some are promotional items, some are cash).
My question is, what does the accounting entry look like when we pay cash to the winners? I know we simply credit the bank (cash) , but which expense account do I debit?
Thank you,
Raeka
Hi
Our business is running a competition for the first time, and the competition prize varies from $60 to $40,000 (some are promotional items, some are cash).
My question is, what does the accounting entry look like when we pay cash to the winners? I know we simply credit the bank (cash) , but which expense account do I debit?
Thank you,
Raeka
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