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Rent can be in expenditure nature or revenue nature. rent paid in cash for warehouse is in expenditure nature for the lender of warehouse, but is revenue to the owner of the warehouse.
ACCOUNTING ENTRIES SHOULD BE AS FOLLOWS
RENT PAID:
DR-WAREHOUSE RENT ACCOUNT
CR- CASH ACCOUNT
IN CASE OF RENT RECEIVABLE
DR:CASH ACCOUNT
CR:WAREHOUSE RENT ACCOUNT
ACCORDING TO THIS TRANSACTION, THE LENDER OF THE WAREHOUSE WILL LOSE AND THE OWNER OF WAREHOUSE WILL GAIN.
BY. WILLIAM JOSEPH
willymsukuma@Yahoo.com
What else can I help you with?
What is the Journal entry for outstanding rent paid?
outstanding rent
What is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
What is the journal entry paid to rent office?
debit rent expense and credit cash
What is the journal entry for rent paid in advance?
prepaid rent a/c dr. to cash a/c
What is the journal entry for rent advance paid?
prepaid rent a/c....................Dr To cash A/c
What is the journal entry for paid rent for the month?
The journal entry for paid rent for the month typically involves debiting the Rent Expense account and crediting the Cash account. For example, if the rent payment is $1,000, the entry would be: Debit Rent Expense $1,000 Credit Cash $1,000 This reflects the expense incurred for using the property and the reduction in cash due to the payment.
What is journal entry for rent paid to mohan?
The journal entry for rent paid to Mohan would be recorded as follows: Debit Rent Expense (for the amount paid) Credit Cash or Bank (for the same amount) This entry reflects the expense incurred for using the property and the reduction in cash or bank balance due to the payment.
Journal entry for recording the house rent allowance?
debit house rent allowancecredit cash / bank
What is the journal entry for car rent?
car rent a/c DR to cash a/c CR [ being expenses paid ]
What is the journal entry for parent company paid rent to holding company?
Parent company journal entry Debit cash | Credit accounts payable - rent Holding company journal entry Debit accounts receivable - rent | Credit cash
Why does adjusting entry never involve the account Cash?
When you are doing an adjusting entry, you are just doing no more than that, Adjusting an entry. For example. If you have rent paid for a year each month you want to "adjust" the entries to show that the months rent was used up or is no longer available. Cash is not involved in the Adjusting entry because the cash was already paid out at the beginning of the year, so if you used the cash account you would be paying out cash for a payment that has already been made. Say you paid $120,000 on January 1st for the entire years rent. Your first entry would be recorded as such Jan. 1 Prepaid Rent (DB) $120,000 Cash (CR) $120,000 On Feb 1st you want to adjust the entry to show that one month's rent has expired (or been used up) the entry would be as follows. Feb. 1 Rent Expense (DB) $10,000 Prepaid Rent (CR) $10,000 No cash is involved in the entry because cash was paid out at the beginning of January.
What is the compound journal entry for rent paid by cash 500 and bank 1000?
debit rent expense 1500credit cash 500credit bank 1000
