Rent Deposit Accounting Journal Entry

A rental deposit is paid by a business to a landlord when renting premises. The deposit is refundable but is held by the landlord as security in the event that the business has caused damage to the property or has rent outstanding when the property is vacated.

Rent Deposit Accounting Journal Entry April 13th, 2017Team
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Consumable Supplies Expense Recorded

Following a physical count, a business has consumable supplies on hand of 350. The accounting records before adjustment show supplies on hand of 500, and an adjusting entry is needed to record the amount of supplies used for the period.

Consumable Supplies Expense Recorded November 6th, 2016Team
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Prepaid Rent Accounting

Prepaid rent is an expense which has been paid in advance.

A business has an annual office rent of 12,000 and pays the landlord 3 months in advance on the first day of each quarter. On the 1 April it pays the next quarters rent in advance of 3,000 to cover the months of April, May and June It has a prepaid expense of 3,000.

Prepaid Rent Accounting June 6th, 2017Team
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Prepaid Expenses

Prepaid expenses are costs paid by a business which have not been fully utilized during one accounting period; they overlap accounting periods. Prepaid accounting arises from the matching concept, one of the fundamental accounting principles.

prepaid accounting

Prepaid Expenses November 6th, 2016Team
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Prepaid Expense

A prepaid expense is an expense which has been paid in advance.

A business has an annual premises rent of 60,000 and pays the landlord quarterly in advance on the first day of each quarter. On the 1 January it pays the next quarter rent of 15,000 to cover the 3 months of January, February, and March. It has a prepaid expense of 15,000.

Prepaid Expense January 31st, 2017Team
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