when in real estate business when and agreement his signed what entry intialy passed
Cash A/C Dr To Rent Received in Advance A/C
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
No entry for giving car on rent rather entry is recorded when rent is received from customer.
Debit prepaid rent and credit cash.
[Debit] CashCredit Rent Received / Rent Revenue
Cash A/C Dr To Rent Received in Advance A/C
cash debit rent in advance credit
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
No entry for giving car on rent rather entry is recorded when rent is received from customer.
Debit prepaid rent and credit cash.
[Debit] CashCredit Rent Received / Rent Revenue
prepaid rent a/c dr. to cash a/c
prepaid rent a/c....................Dr To cash A/c
It is the rent which u have received in advance. . . . It is a liability for you. . . .got it. . . . . . !
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
Rent Received Account Dr To Cash/ Bank
a good example would be rent income that has been received in advance another example would be membership fees etc... thr income received in advance is seen as a liability because it is money that does not correlate to that specific accounting or business year but rather for one that is still to come. the income account will then be credited to the income received in advance account and the income received in advance will be debited to the income account such as rent. When the time period for which the money was received comes, then a reversal takes place which is the same only differing by now debiting the income account to income received in advance account and vice versa.