Rent Expense Journal Entry Example Q: Prepare the journal entry for the following transaction: Paid rent $200. A: The rent expense journal entry is not too complicated: DR: …
How we can pass the journal entry for this question: 1.On 01.11.2019 bought a delivery Van of Rs.4,00,000 from Eram Motors on the following terms: Down payment paid to Eram Motors Rs. 50,000. Balance amount financed by HDFC Vehicle Loan @ 10%. 1st EMI of HDFC Vehicle Loan due on...
Example:The company paid rent of $2,500 in advance for May during April. Now, the company can show the conversion of prepaid rent for May into rent expense in the following adjusting journal entry. 6. Reversing Reversing journal entries helps reverse or delete adjustments/entries from previous ...
Prepaid expenses are those expenses which are paid in advance by the company. The benefits of such expenses are not received by the company and therefore they are recorded as asset in the balance sheet. Examples of prepaid expense are prepaid rent, prepaid insurance etc… Given below is the ...
Jan 31 Miscellaneous expenses paid during the month totaled $3,470The following table shows the journal entries for the above transactions.DateAccountDebitCredit Jan 1 Cash 100,000 Common Stock 100,000 Jan 2 Prepaid Rent 36,000 Cash 36,000 Jan 3 Equipment 80,000 Cash 60,000 Notes Payab...
The date of the journal entry. The account column, where you put the names of the accounts that have changed. Two separate columns for debit and credit. Here you will put the amounts that will be credited and debited. Again, it’s important to remember that they must be equal in the ...
(To record dividends paid) 2. Answer the following questions 1. What is a Journal entry? A journal entry is used to record a business transaction in the accounting records of a business. A journal entry is usually recorded in the general ledger; alternatively, it may be recorded in a subs...
A recurring journal entryis one that repeats in every reporting period for such expenses as monthly rent or depreciation on an asset. Reversing entriescancel entries from the previous reporting period. Anunbalanced journal entryoccurs when the debit and credit do not add up. This will have to be...
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AT THE TIME OF BALANCE PAYMENT PAIDDR--- BANK DR--- ADV PAYMENT CR--- PARTY Was this answer useful? Yes Replybhushan adhave Nov 1st, 2014 At the time of sale on credit the following entry will be posted Respective Part A/c... Dr To Sales A/c... Cr At the time of rece...