Debit cash /bank 1500
Credit Unearned rent 1500
so is it accounts rec of 1500 and credit rent revenue of 1500 or is it 2100 unearned rent and rent revenue 2100 I cannot get this straight
The normal balance of Unearned Rent is typically a liability credit entry. The balance will show up in the post-closing trial of the balance sheet.
Debit expenses / accounts payableCredit bank
Debit cash / bankCredit vehicle account
debit accounts payablecredit bank
so is it accounts rec of 1500 and credit rent revenue of 1500 or is it 2100 unearned rent and rent revenue 2100 I cannot get this straight
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
The normal balance of Unearned Rent is typically a liability credit entry. The balance will show up in the post-closing trial of the balance sheet.
Debit accounts payable / expensesCredit bank
debit bankcredit accounts receivable
Debit expenses / accounts payableCredit bank
Debit cash / bankCredit vehicle account
Change the signs on the original entry, ie. change the Debit to credit and vice-versa then re-post the journal.
Owners contribution can be posted by using journal entry transaction as there is no direct way to show owners contribution as only journal entry can be used to show that.
debit accounts payablecredit bank
debit sales accountcredit sales return account
Debit accounts receivableCredit services revenue