Prepayment Journal Was this answer useful? Yes ReplyKrithika May 10th, 2017 Cash a/c dr. to rent(3 months)a/c Was this answer useful? Yes Replyrathinakumar May 12th, 2017 from Dec-16 to Feb-16 accrual to be posted for future payment Rent a/c Dr. To Rent payable a/cWh...
What Is the Journal Entry for the... When Does the IRS Require an Accrual... How to Calculate an Operating Lease Finance Your Business Is Rental Income Counted As Investment Income on Taxes? by Jeff Franco J.D./M.A./M.B.A. Published on 1 Jan 2021 Many people earn extra mon...
A positive difference is an accrual. In the example, you received 15,000 in cash the first year, but you earned 20,000 based on straight-line rent processing. Therefore, the system generates an accrual entry to debit the account for accrued/deferred rental income and credit the account for...
Prior to an accrual adjustment, the revenue account or the expense account is understated. The owner's contributions and withdrawals are reported on the income statement. a. True. b. False. An increase in revenue is recorded with a credit. True False Deferred expenses are a...
The purpose of a closing entry is to make an account balance equal zero. Now, let's discuss each alternative: a. prepaid rentNo, prepaid rent is... Learn more about this topic: Closing Entries | Definition, Examples...
Which one of the accounts below would likely be included in an accrual adjusting entry? a) insurance expense b) prepaid rent c) interest expense d) unearned rent Which of the following asset accounts is increased when a receivable is collected...
Which one of the accounts below would likely be included in an accrual adjusting entry? a) insurance expense b) prepaid rent c) interest expense d) unearned rent Which of the following accounts follows the rules of debit and c...
underaccrual of interest expense d. none of the aboveWhich of the following doesn't correctly describe a journal entry which debits rent expense and credits prepaid rent? a) It increases expenses and decreases retained earnings. b) It decreas...
Which one of the accounts below would likely be included in an accrual adjusting entry? a) insurance expense b) prepaid rent c) interest expense d) unearned rent A debit is used to decrease which of the following accounts? A. Supplies B...
Which one of the accounts below would likely be included in an accrual adjusting entry? a) insurance expense b) prepaid rent c) interest expense d) unearned rent Which of the following would not be included on a balance sheet? A) Accounts recei...