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On November 1 2008 paid 6 875 for five months of rent in advance what is the journal entry and adjusting entry at end of December 31 2008?

Anonymous

∙ 11y ago

Updated: 9/22/2023

6875 paid for five months so one month rent = 6875/5 = 1375

General entry is as follows

November 1, 2008 [Debit] Prepaid Rent 6875

[Credit] Cash 6875

December 31, 2008 [Debit] Rent Expense 1375

[Credit]Prepaid Rent 1375

Wiki User

∙ 11y ago

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What is the difference between journal entries vs adjusting entries?

Journal entries are recorded as soon as financial transaction occures while adjusting entries are made to rectify the previously made journal entries.

What is the Journal entry for advance?

Debit advance paidCredit cash / bank

Are Adjusting journal entries dated on the last day of the period?

There are two kind of adjusting entries1 - Month end adjusting entries2 -General adjusting entriesMonth end adjusting entries are created at last date of month while other journal entries are dated when any adjustment required or error found.

How do the adjusting entries differ from othe journal entries?

Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.

What is the journal entry for settlement of advance?

Suppose "A" Gives Rs 100000 as an Advance to "B" what will be the Journal Entry of Advance given to B and latter the Advance settling entry after the B give a bill to A

Related Questions

What are the types of journal entry?

1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry

What is the difference between journal entries vs adjusting entries?

Journal entries are recorded as soon as financial transaction occures while adjusting entries are made to rectify the previously made journal entries.

What is the Journal entry for advance?

Debit advance paidCredit cash / bank

Are Adjusting journal entries dated on the last day of the period?

There are two kind of adjusting entries1 - Month end adjusting entries2 -General adjusting entriesMonth end adjusting entries are created at last date of month while other journal entries are dated when any adjustment required or error found.

Why are adjusting journal entry prapare?

Adjusting entries are made for different reasons like errors in previous journal entries or adjustment at month end or year end for accruals etc.

How do the adjusting entries differ from othe journal entries?

Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.

What is the journal entry of rent recieved in advance?

cash debit rent in advance credit

What is the journal entry for settlement of advance?

Suppose "A" Gives Rs 100000 as an Advance to "B" what will be the Journal Entry of Advance given to B and latter the Advance settling entry after the B give a bill to A

What is the journal entry for cash advance to employee's pay?

Debit advance salaryCredit cash / bank

What is the journal entry in granting the travel in cash advance?

debit advance cashcredit cash / bank

What is the journal entry of payment received in advance?

Debit advance cash receivedCredit unearned revenue

Why is it important for a company to make adjusting journal entries?

It is important to record adjusting entries as if it is not done then there is no accurate financial statements will be available.

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