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Entry when Lease is entered into:
DB Cash / AR $XXX,XXX
CR Deferred Rent $XXX,XXX
Entry when tenant improvement is performed:
DB Leasehold Improvements $XXX,XXX
CR Cash $XXX,XXX
Monthly entry to amortize the deferred rent:
DB Deferred Rent $XXX,XXX
CR Rent Expense $XXX,XXX
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∙ 12y ago
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If you have a tenant allowance or credit of 50000 should you include that credit in the deferred rent schedule calculation or is it done as a separate amortization JE?
The tenant allowance or credit should be included in the calculation of deferred rent (and not as a seperate journal entry).
Journal entry for amortization of leasehold improvement?
Debit depreciation expensesCredit leasehold improvement
What is the general ledger journal entry to write off accounts receivable?
Under the allowance method, entry would be: Allowance for Doubtful Accounts (DR) Account Receivable (CR)
What is journal entry for allowances to debtors?
[Debit] Allowance for debtors account [Credit] Accounts receivable account
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
If you have a tenant allowance or credit of 50000 should you include that credit in the deferred rent schedule calculation or is it done as a separate amortization JE?
The tenant allowance or credit should be included in the calculation of deferred rent (and not as a seperate journal entry).
Journal entry for amortization of leasehold improvement?
Debit depreciation expensesCredit leasehold improvement
What is the general ledger journal entry to write off accounts receivable?
Under the allowance method, entry would be: Allowance for Doubtful Accounts (DR) Account Receivable (CR)
How do record journal entry when the inventory is thrown away?
There are various ways to record a journal entry when the inventory is thrown away. The standard entry is to debit the cost of goods sold and credit the allowance for the obsolete inventory.?æ
What is journal entry for allowances to debtors?
[Debit] Allowance for debtors account [Credit] Accounts receivable account
Journal entry for recording the house rent allowance?
debit house rent allowancecredit cash / bank
What is the journal entry for a purchase of equipment when you want to charge half of the cost to the tenant?
[Debit] Equipment [Credit] Cash / bank (half) [Credit] Tenant
When there is an allowance for bad debts on the balance sheet the journal entry for writing off an account receivable is?
debit bad debtCredit allowance for bad debt
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
How do you prepare an adjusting journal entry to record bad debts expense?
Bad debts DR Allowance for doubtful debt CR Some accounting practioners may use provison for doubtful debts instead of allowance for doubtful debts. Example of bad debts, suppose a customer was unable to pay their debts totalling $150. This will be the journal entry for the transaction: Bad debts 150 Allowance for doubtful debts 150
Would a decrease in the allowance for doubtful accounts increase profitability?
Answer:Yes. To increase the allowance for doubtful accounts, expenses are incurred. Uncollectible accounts expense is debited, and the allowance is credited.The allowance is a buffer to absorb defaults. If the allowance is too high, the journal entry to increase the allowance is reversed. In other words, a debit to the allowance, and a credit to the uncollectible accounts expense. The reversal increases net income (as expenses are reduced).
