Ask Experts Questions for FREE Help !
Ask
    CoconutM's Avatar
    CoconutM Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Mar 4, 2016, 01:08 AM
    Leasing part of the House
    Question: Part of the house is leased, he signed a 1-year lease for $6000 on April 1. Payment will be done in 2 opportunities, every 6 months. The first 6 months will be paid on September 30, and the second March 31.

    Is it correct to do:
    d: Rental Expense 3000
    c: Cash 3000

    For both September and March dates?
    CoconutM's Avatar
    CoconutM Posts: 5, Reputation: 1
    New Member
    		  
    #2

    Mar 6, 2016, 03:49 PM
    Bump: please answer please
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    Mar 6, 2016, 04:06 PM
    This question is posted in accounting but it could be a legal question too. Having been a landlord I would have to say that this is not how leases normally work. You sign on April 1 you pay on April 1. Leases do not let you live in a play for 6 months rent free, you pay in advance.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #4

    Mar 7, 2016, 12:44 PM
    This makes no more sense than the other one you posted, clearly homework.
    Your choices here are d and c. What happened to a and b?
    What's the fiscal year and method?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #5

    Mar 7, 2016, 02:17 PM
    You should not treat accounting entries as some sort of cell shorthand, as raw data your entries are correct
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Leasing a house with someone but you are not married to them yet? [ 3 Answers ]

Me & my exhusband was lease purchasing a house. It was our intentions to buy the house when our lease was up. The owner required a down payment & I paid the down payment alone with no help from my fiancée but we did make the monthly mortgage payments together! We did get married but unfortunately...

Leasing a house --owner foreclosure [ 3 Answers ]

After selling my house, I decided to lease another house for a year or so. I have been in the house since August 2007. I have paid my rent and a $2500 deposit. The owner has not paid the mortgage in 5 months. The house is scheduled for foreclosure on Dec. 14, 2007-In Va. Do I have any rights? How...

Breaking a leasing contract for an apartment in Texas to purchanse a new house [ 4 Answers ]

Do I have any other way to get out if I breach a contract agreement with the apartment, because I want to buy a new home, and the new home is a really good offer not to miss out? Could you let me know. Thanks

Power goes out in part of house w/out tripping breaker Part 2 [ 2 Answers ]

How would I use a voltage tester? Would I go from outlet to outlet measuring the voltage? I've gone around the house and tightened outlets and opened the panel and tightened the screws that were not tight. I haven't seen the lights dim since I tightened everything. Thanks a lot! Gbrown

View more questions Search