An adjust publication entry in connection with accrual of bygone due amounts for rent. What to debit and credit?
Answers:
I cadge to differ near the previous answerer.
If you scrounging rental expense:
Dr Rental expense
Cr Rental payable (or A/cs payable)
If you close-fisted rental income:
Dr Rental receivable (or A/cs receivable)
Cr Rental income
He's get the 2nd entry inside out.
Debit Rent Expense (Expense)
Credit Rent Payable (Liability)
(assuming that you're the one owing the rent)
Debit Rent Income (Income)
Credit A/R (Asset)
(assuming that you're the one collecting the rent)