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What is the Journal entry for outstanding rent?
debit rent expensecredit rent payable
How does first, last, and security work when renting a property?
When renting a property, the first month's rent is paid upfront before moving in. The security deposit is also paid upfront and is held by the landlord to cover any damages or unpaid rent. The last month's rent is paid at the beginning of the lease and is used as the final month's rent when moving out.
What is the journal entry to give a car for rent?
No entry for giving car on rent rather entry is recorded when rent is received from customer.
I rents a building for a showroom at a rent of 8000 per month on September 1 of 2008 they paid 40000 rent in advance which was properly charged at that time to prepaid rent. what is the entry?
Prepaid Rent ( debit ) Cash ( credit )
Give at least 2 examples of adjusting entries?
I will give two examples but first I will give the original transaction then the "adjusting entry" that would be used.Prepaid Rent, many businesses that "rent" their buildings prepay for months at a time. Say you pay $5,000 a month for rent and you pay Six Months in Advance. It first goes on the books as follows.Prepaid Rent (Debit) $30,000Cash (credit) $30,000After the first month when the company reconciles their books, they need to show that one month of this rent has been "used up", this is an adjusting entry and is as followsRent Expense (debit) $5,000 (we only used one month)Prepaid Rent (credit) $5,000This "adjustment" is made monthly.The second one I will use isYour company purchased a computer on account. When you purchased the computer on account it became an account payable. You decide to make a payment toward the balance you owe, this will go in as an adjusting entry. The accounts would beAccount Payable (debit)Cash (credit)An adjusting entry is just what it's called, an entry to "adjust" an previous entry to it's current or new state. If you never adjusted entries, such as accounts payable, prepaid expense, etc, then your books would be inaccurate.
Rent expense cost of sales?
Rent expense is considered an overhead cost, not a cost of sales since it does not directly relate to the merchandise you are selling. Any prepaid rent (such as at the beginning of the month) should receive a journal entry debit to an account called prepaid rent, and at the end of the month should be credited to rent expense. Hope this helps.
Can a landlord garnish your pension for unpaid rent?
Yes.
Why does adjusting entry never involve the account Cash?
When you are doing an adjusting entry, you are just doing no more than that, Adjusting an entry. For example. If you have rent paid for a year each month you want to "adjust" the entries to show that the months rent was used up or is no longer available. Cash is not involved in the Adjusting entry because the cash was already paid out at the beginning of the year, so if you used the cash account you would be paying out cash for a payment that has already been made. Say you paid $120,000 on January 1st for the entire years rent. Your first entry would be recorded as such Jan. 1 Prepaid Rent (DB) $120,000 Cash (CR) $120,000 On Feb 1st you want to adjust the entry to show that one month's rent has expired (or been used up) the entry would be as follows. Feb. 1 Rent Expense (DB) $10,000 Prepaid Rent (CR) $10,000 No cash is involved in the entry because cash was paid out at the beginning of January.
The rental revenue represents the amount received for 11 months for use of the dining facilities The December rent has not yet been paid What is the adjusting journal entry?
Rent Dr Rent Accrued Cr (for the Dec month)
How do you write Journal entry for equipment rent to somebody?
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
On November 1 2008 paid 6 875 for five months of rent in advance what is the journal entry and adjusting entry at end of December 31 2008?
6875 paid for five months so one month rent = 6875/5 = 1375 General entry is as follows November 1, 2008 [Debit] Prepaid Rent 6875 [Credit] Cash 6875 December 31, 2008 [Debit] Rent Expense 1375 [Credit]Prepaid Rent 1375
What is the cost of month-to-month rent for this property?
The cost of month-to-month rent for this property is 1500.
