How do you make a journal entry for accounts payable?Question:How do you make a journal entry for accounts payable?Accounts Payable:When a business receives an invoice for goods or services they have received, but not yet paid, that balance is recorded in accounts payable. Accounts payable can...
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: …
Expense entry as on 31st Dec 2016 Rent A/c Dr To Vendor A/c Cr (Payable in Mar 16)Prepaid Exp Entry Prepaid Rent Exp A/C Dr To Rent Exp A/C Cr (Should be amortised in 3 months)Entry At the time of Bank payment to Vendor in Mar 17 Vendor A/C Dr To Bank A/c Cr Was th...
Income Journal Entry Mini Quiz: Please note that all fields followed by an asterisk must be filled in. 1. Which of the three main elements of the accounting equation increase when the business earns income and is paid immediately? *
(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...
What will the Journal entry be for the below transaction? Sold merchandise on account to Rabel Co., $56,900, terms 1/10, n/30. The cost of the merchandise sold was $34,000. A company paid $700 for the current month's rent. What accounts are debited and cr...
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...
Say you paid rent for your business location. Your rent is $1,500 per month. Your journal entry would look something like this: DateAccountNotesDebitCredit XX/XX/XXXX Expense Paid rent 1,500 Cash 1,500 Your Expense account increases with a debit. Debit your Expense account 1,500 to sho...
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...
An adjusting journal entry occurs at the end of a reporting period to record any unrecognized income or expenses for the period.