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The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
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What is the journal entry for prepaid revenue?
prepaid revenue is debited and revenue is credited
What is the journal entry of prepaid rent?
1. [Debit] Prepaid Rent xxxx [Credit] Cash xxxx
What is the journal entry for prepaid expense when cash is not paid?
prepaid expenses are those expenses for which cash is paid in advance but if there is no cash payment then that is not prepaid expense and hence no entry required.
How do you pass journal entry for prepaid rent?
Prepaid rent A/c Dr To, Rent A/C
What will be the journal entry for unexpired rent?
debit unexpired rentcredit prepaid rent
What is the journal entry for prepaid revenue?
prepaid revenue is debited and revenue is credited
What is the journal entry of prepaid rent?
1. [Debit] Prepaid Rent xxxx [Credit] Cash xxxx
What is the journal entry for prepaid expense when cash is not paid?
prepaid expenses are those expenses for which cash is paid in advance but if there is no cash payment then that is not prepaid expense and hence no entry required.
How do you pass journal entry for prepaid rent?
Prepaid rent A/c Dr To, Rent A/C
What will be the journal entry for unexpired rent?
debit unexpired rentcredit prepaid rent
What is the journal entry for medical expense?
Debit prepaid expensesCredit cash / bank
What is the journal entry for net income?
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
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 insurance policy was paid for a year?
debit prepaid insurancecredit cash
What is the journal entry for Advance Medical Expense?
Debit prepaid expensesCredit cash / bank
Is audit prepaid expenses entry come in income statement?
Prepaid expenses are not part of income statements, in accrual accounting income and expenses are only shown in income statements when they are actually incurred.
