Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   What will be the closing entry for prepaid rent? (https://www.askmehelpdesk.com/showthread.php?t=571323)

  • Apr 19, 2011, 01:01 AM
    coolzami
    What will be the closing entry for prepaid rent?
    Adjustment Entry,Closing Entry.Where should I do adjustment entry
  • Apr 19, 2011, 09:06 AM
    pready

    Prepaid Rent is a balance sheet account or otherwise known as a permanent account and is not closed.

    At the end of the acocunting period you will have to determine how much of the prepaid rent has been used and do an adjusting entry.

    The adjusting entry will be:
    Debit Rent Expense for the amount of prepaid rent used
    Credit Prepaid Rent for the amount used during the accounting period
  • Apr 20, 2011, 09:43 AM
    smoothy


    Have you read your textbook yet. It will have explained this. Start with the index in the back


    Read this first: Expectations for the Homework Help board
    Do not simply retype or paste a question from your book or study material

    We won't do your homework questions for you.
    You were given the assignment for you to learn.

    If you come up with your own answer and post it for us to critique that is within reason.

    If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that.
    But this is your assignment, so show us you have at least attempted to complete it on your own.

    Thank you.

  • All times are GMT -7. The time now is 04:18 AM.