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cash debit rent in advance credit
Debit prepaid rent and credit cash.
prepaid rent a/c dr. to cash a/c
prepaid rent a/c....................Dr To cash A/c
Cash A/C Dr To Rent Received in Advance A/C
when in real estate business when and agreement his signed what entry intialy passed
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
Debit prepaid rentCredit bank
[Debit] Staff Advances [Credit] Cash / bank
With reference to payment, it means paying up front, for the week ahead. Rent paid in advance, means you pay for the week you are about to have, first.
Prepaid Rent ( debit ) Cash ( credit )
Yes, what about rent in advance?