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If you are paying rent it is a debit. If you are a landlord receiving rent its a credit.
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∙ 14y ago
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Can you rent an apartment without a credit card or debit card?
I have never had to use a credit or debit card and I have rented numerous places in Ohio for about 7 years.
What is the journal entry of rent income?
rent due to landlord
Can i use a debit card as a credit card without your PIN at walmart?
Yes, when you swipe your card just select credit as form of payment and not debit
Give at least 2 examples of adjusting entries?
I will give two examples but first I will give the original transaction then the "adjusting entry" that would be used.Prepaid Rent, many businesses that "rent" their buildings prepay for months at a time. Say you pay $5,000 a month for rent and you pay Six Months in Advance. It first goes on the books as follows.Prepaid Rent (Debit) $30,000Cash (credit) $30,000After the first month when the company reconciles their books, they need to show that one month of this rent has been "used up", this is an adjusting entry and is as followsRent Expense (debit) $5,000 (we only used one month)Prepaid Rent (credit) $5,000This "adjustment" is made monthly.The second one I will use isYour company purchased a computer on account. When you purchased the computer on account it became an account payable. You decide to make a payment toward the balance you owe, this will go in as an adjusting entry. The accounts would beAccount Payable (debit)Cash (credit)An adjusting entry is just what it's called, an entry to "adjust" an previous entry to it's current or new state. If you never adjusted entries, such as accounts payable, prepaid expense, etc, then your books would be inaccurate.
Prepaid rent would appear in the debit column in the unadjusted trail balance Is this true or false?
It appears in the debit column since you have + resources for the next X number of months.
Is rent expense a debit or credit?
debit
Journal entry for rent payable?
[Debit] Rent Expense[Credit] Rent payableWhen rent paid[Debit] Rent payable[credit] Cash / bank
Is the income from rent a credit or a debit?
Credit
What is Decrease in Prepaid Rent a credit or debit?
. Credit
Is the current months rent expense is a debit or credit?
debit
Is Decrease in Unearned Rent Revenue a credit or debit?
Debit
Is a increase in rent expense a debit or credit?
I say it is a debit
How do you enter rent received and rent receivable in accounts?
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
Is a decrease in prepaid rent a debit or a credit?
Prepaid Rent is an asset, therefore to decrease the asset (or use up the rent) a decrease would be a credit. Assets generally maintain a debit balance, which means to increase the balance we debit and to decrease the balance we credit.
Is an increase in rent expense a credit?
Rent expense has a debit balance as a normal balance so increase in rent will be shown by debit to rent expense.
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).
Is rent revenue credit or debit?
All revenues has credit balances as default balance like wise rent revenue also has credit balance as default balance instead of debit balance because all expenses has debit as default balance.
