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When rent is prepaid for several months in advance the debit is to?
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What is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
What is the journal entry for Advance Medical Expense?
Debit prepaid expensesCredit cash / bank
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 journal entry for advance insurance premium paid in cash?
prepaid insurance a/c..........dr. To insurance a/c
Is prepaid insurance a debit or credit balance?
Prepaid insurance is that amount which is paid in advance and no benefit has taken yet that's why it is current asset for business.
Can a cash advance be deposited on a prepaid debit card?
Can a cash advance be deposited on a prepaid debit card?
What is the journal entry for unused travel expenses paid in advance?
you would label it as a prepaid expense. Debit -prepaid travel expense credit- cash
Can one have a cash advance placed on a prepaid debit card?
yes
What is the journal entries of advance fore expenses?
debit prepaid expensescredit cash
Can money from a cash advance be deposited on a prepaid debit card?
yes as its cash.
What is the journal entry of insurance paid in advance?
debit prepaid insurancecredit cash / bank
What is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
What is the journal entry for Advance Medical Expense?
Debit prepaid expensesCredit cash / bank
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).
What is the journal entry for postdated cheques paid as rent in advance?
Debit prepaid rentCredit bank
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 journal entry for advance insurance premium paid in cash?
prepaid insurance a/c..........dr. To insurance a/c
