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[Debit] Prepaid Rent xxxx
[Credit] Cash / bank xxxx
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How do you pass journal entry for prepaid rent?
Prepaid rent A/c Dr To, Rent A/C
Is prepaid rent accrued?
Yes, prepaid rent is accrued.
How do you pass an entry for Prepaid rent?
prepaid rent a/c dr to rent a/c
What is the journal entry of prepaid rent?
1. [Debit] Prepaid Rent xxxx [Credit] Cash xxxx
What is the normal balance for prepaid rent?
Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
How do you pass journal entry for prepaid rent?
Prepaid rent A/c Dr To, Rent A/C
Is prepaid rent accrued?
Yes, prepaid rent is accrued.
How do you pass an entry for Prepaid rent?
prepaid rent a/c dr to rent a/c
Is prepaid rent is what type of asset?
Prepaid Rent is a Current-Asset account. Since it deals with "prepaid" it will expire on a regular basis and is not a "fixed" asset. Each month (or whatever terms the rent may be paid) the amount is removed from Prepaid-Rent and placed in Rent Expense.
What is prepaid rent?
Prepaid rent is when you pay your rent ahead for a length of time, either as a deposit or as regular rent. Sometimes you can get a discount based on how much rent you pay ahead.
What is the journal entry of prepaid rent?
1. [Debit] Prepaid Rent xxxx [Credit] Cash xxxx
What is the normal balance for prepaid rent?
Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
What is the difference between prepaid rent and rent expense?
Prepaid rent is an asset and represents and advance payment for a future benefit Rent expense is an expense and is the expended portion of the rent consumed.
Is prepaid rent an debit or credit?
prepaid rent is rent paid before it is due so it is current assets because it's benefit will be taken in future.
List Prepaid expenses on balance sheet?
Prepaid Rent, Prepaid Insurance, and Prepaid Interest... maybe? Check it out on Investopedia.com
Where do rent received go in the income statement?
If rent received is of this financial year it enters in the I/S under Revenues. If it is prepaid, the amount prepaid is deducted and entered in the SOFP under Current Liabilities as Prepaid Rent Receivable
What is the journal entry of rent received in advance?
Debit Cash for the cash received, and credit a liability account you can call Prepaid Rent or Prepaid Deposits. Basically, you credit a liability account because you "owe" them the rent for the month they have paid for in advance. Once the month has passed, you can debit the Prepaid Rent and credit Rental Income. Or, if the prepaid rent is a deposit made, you just keep it on your books as a liability until the end of their lease, at which time they will either be refunded the deposit (debit Prepaid Rent, credit Cash) or if they don't pay their last month's rent you can use the deposit (debit Prepaid Rent, credit Rental Income).
