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What is the journal entry for prepaid income?
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.
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 income?
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.
What is journal entry for Accrued Revenue?
Accrued Revenue is a term that I rarely see, though it is an Asset and should be treated as such. Accrued Revenue would be treated similar to an Account Receivable. The Journal Entry would be a Debit to Accrued Revenue and a Credit to Revenue.
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.
What is the journal entry for deferred revenue?
As it is a advance receipt the journal entry would be cash dr. to deferred revenue
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?
Debit accounts receivableCredit sales revenue
Journal entry for revenue received from professional fees?
debit cashcredit professional fee revenue
What does the journal entry to close revenue accounts involves?
Debit revenue accountCredit income statement
What is the journal entry of insurance paid in advance?
debit prepaid insurancecredit cash / bank
