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Rent was $1,200 and paid $400.00 would be a debit to my receivables?
summit2010
Mar 29, 2012, 10:32 AM
Rent was $1,200 and paid $400.00 would be a debit to my receivables?
pready
Mar 29, 2012, 12:08 PM
Your rent revenue was $1,200 and you received $400 so your customer owes you $800
Your journal entry will look like this:
Debit Cash for 400
Debit Accounts Receivable for 800
Credit Rent Revnue for 1,200