Q: Prepare the journal entry for the following transaction: Paid rent $200. A: The rent expense journal entry is not too complicated: DR: …
Once this information is known, a journal entry can be created. If a company pays $100 for rent then the cash will be reduced and rent expense will be increased resulting in a debit to rent expense and credit to cash for $100. What are the three types of trial balances? There are ...
Once this information is known, a journal entry can be created. If a company pays $100 for rent then the cash will be reduced and rent expense will be increased resulting in a debit to rent expense and credit to cash for $100. What are the three types of trial balances? There are ...
2. No entry (Record of lease payment)3. Leasehold improvements 100,000 Dr. Long-term liabilities 100,000 Cr. (Record of new loan and improvements)4. Inventory 50,000 Dr. Accounts Payable 50,000 Cr. (Record of inventory purchase)5. Rent expense 500 Dr. Rent payable 500 Cr....
In the journal entry above, an expense has to be recorded to show the loss. And as a contra entry against this, we have to reduce our purchases account (it is purchases for theperiodic system of inventory) or inventory account (for theperpetual system). ...
No entry 3 Dr Leasehold improvements 100000 Cr Long-term liabilities 100000 (To record new loan and improvements made on storefront) 4 Dr Inventory 50000 Cr Accounts Payable 50000 (To record inventory purchase) 5 Dr Rent expense 500 Cr Rent payable 500 ...
General Ledger - Rent Bill Journal Entry In the month of Dec-2016, received the rent bill for the following months of Jan-16 to Mar-16. but the payment will happen in the month of Mar-16. What is the Journal has to post in the month of Dec-16.. 8 Answers
For this transaction, we will record/increase the expense account by debiting it and decrease cash by crediting it. (Note: This is a simplified entry to present the payment of salaries. In actual practice, different payroll accounting methods are applied.)...
To make a journal entry for accounts payable, you take an invoice for inventory or services already received and debit the expense and credit accounts...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough...
Depreciation would be entered as a debit in the depreciation expense ledger and as a credit in the accumulated appreciation account. There can be more than one kind of journal entry: Adjusting entriesare made at the end of an accounting period to record transactions that were not recognized duri...