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View Full Version : Just started accounting and having trouble journalizing.


Vicki Y
Apr 7, 2012, 01:21 PM
3/2--Rental $3,500; $1,500 was paid in cash and $2,000 will be paid on 3/10.

I'm confused on what to do. It appears that cash decreases and rent expense increases.

So do I Debit Rent Expense $3500 and Credit Cash or Accounts Payable $3500?(not sure how to journal the cash and accts payable at the same time) I'm not finding any examples in the book--so I'm doing something wrong.

pready
Apr 7, 2012, 05:54 PM
Debit Rent Expense for 3,500
Credit Cash for 2,000
Credit Accounts Payable for 1,500