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Prepaid Rent is debited.
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When December rent is paid in November to which account is it debited?
Prepaid Rent is debited.
When December rent is paid in November which account is debited?
Prepaid Rent is debited.
When December rent is paid in November which acct is debited?
When December rent is paid in November, the "Prepaid Rent" account is debited. This reflects the advance payment for rent, representing an asset until the rental period occurs in December. The corresponding credit would be made to the "Cash" account to reflect the decrease in cash due to the payment.
What account titles would not be debited in the process of preparing closing entries for Andrew's Auto Shop?
In the process of preparing closing entries for Andrew's Auto Shop, account titles that would not be debited include asset accounts (like Cash, Accounts Receivable, and Inventory) and liability accounts (like Accounts Payable and Notes Payable). Additionally, equity accounts such as Common Stock or Additional Paid-In Capital would also not be debited. Closing entries primarily involve revenue and expense accounts, which are typically debited to reset their balances to zero for the new accounting period.
When the seller is paid the customer's account is.credited or debited?
debited
When December rent is paid in November which accounts is it debited?
Prepaid Rent is debited.
When December rent is paid in November to which account is it debited?
Prepaid Rent is debited.
When December rent is paid in November which account is debited?
Prepaid Rent is debited.
When December rent is paid in November which acct is debited?
When December rent is paid in November, the "Prepaid Rent" account is debited. This reflects the advance payment for rent, representing an asset until the rental period occurs in December. The corresponding credit would be made to the "Cash" account to reflect the decrease in cash due to the payment.
What account titles would not be debited in the process of preparing closing entries for Andrew's Auto Shop?
In the process of preparing closing entries for Andrew's Auto Shop, account titles that would not be debited include asset accounts (like Cash, Accounts Receivable, and Inventory) and liability accounts (like Accounts Payable and Notes Payable). Additionally, equity accounts such as Common Stock or Additional Paid-In Capital would also not be debited. Closing entries primarily involve revenue and expense accounts, which are typically debited to reset their balances to zero for the new accounting period.
When the seller is paid the customer's account is.credited or debited?
debited
Journal entry for salary advance paid?
When an employee receives an advance on pay an asset account called employee advances is debited and the cash paid out is credited. When the advance is repaid then the applicable expense accounts are debited and the advance account is credited.
When is the petty cash account debited?
The petty cash account is debited when a company establishes or increases its petty cash fund. This entry reflects the outflow of cash from the main cash account to the petty cash account. Additionally, it may be debited when replenishing the petty cash fund, as it accounts for the expenses incurred that were paid from petty cash.
What accounts do you adjust in a T account when dividend is paid?
When a dividend is paid, the T-accounts that are adjusted are the Dividends Payable account and the Cash account. Dividends Payable, a liability account, is debited to decrease it, reflecting the payment of the dividend. At the same time, the Cash account, an asset account, is credited to reduce the cash balance, as cash is being paid out to shareholders.
When the seller is paid the customer's account is credited or debited?
credited
When the seller is paid the customer account is debited or credited?
credited
Are accounts payable accounts that you expect will be paid to you?
are accounts payable accounts that expect will be paid to u
