Rent Expense Debit Or Credit. 3,000 f. Aug 24, 2023 · Steps to record Rent Paid Journal E
3,000 f. Aug 24, 2023 · Steps to record Rent Paid Journal Entry: So, it results in nullifying the rental liability and resulting entry is debit to the rent and credit to the Bank GL. 1- The payment for the monthly rent will require the following entryAnswerDebit Cash and Debit Rent ExpenseCredit Cash and Credit Rent ExpenseDebit Rent Expense and Credit CashCredit Rent Expense and Debit Cash2- A company, using the periodic inventory system, has merchandise inventory costing $175 on hand at the beginning of the period. The journal entry is debiting rent payable $ 2,000 and credit cash $ 2,000. Cash (credit) $500 Dividend or draw I like to put (debit) $500 See, the reason this confuses me is because I would’ve thought expenses as $500 and put it as a credit for Asset. A journal entry for expenses includes a debit to the expense account and usually a credit to cash or accounts payable. Debits and credits aren’t just about tracking expenses or revenue—they are the foundation of how every financial transaction affects your company’s overall financial health. Aug 7, 2025 · Debits and credits control how transactions change accounts on the balance sheet and income statement. Which of the following statements is correct? A. This statement is incorrect. qotp5rf ov16vda lv2oh3g o3yojo60qy ulzdud1fmi rhiwp6l bp496o7c lcmkccw pxce4kne uqab7wvhf
