Prepaid Rent
Code: 1143
👁 Views: 43
Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Debit |
Definition
Rent amounts paid in advance for future periods
Common Journal Entries
Record prepaid rent
Dr. Prepaid Rent
Cr. Bank Account
Amortize portion of prepaid rent
Dr. Rent Expense
Cr. Prepaid Rent
Pay prepaid rent in cash
Dr. Prepaid Rent
Cr. Cash in Hand
Adjust prepaid rent at period end
Dr. Rent Expense
Cr. Prepaid Rent
Record prepaid rent
Dr. Prepaid Rent
Cr. Bank Account
Amortize portion of prepaid rent
Dr. Rent Expense
Cr. Prepaid Rent
Pay prepaid rent in cash
Dr. Prepaid Rent
Cr. Cash in Hand
Adjust prepaid rent at period end
Dr. Rent Expense
Cr. Prepaid Rent