Question

Journal entry for paid rent

Answer 1

Answer:

When, the outstanding rent is paid, the accounting journal entry is as follows: Debit Rent Expense 3K$ (to zero out the negative balance brought about by the reversing entry) and Credit either Cash on Hand or Cash in Bank 3K$.

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Answer 2

Answer:

The Accounting Journal Entry for each payment: Debit: Rent Expenses 1k$ and Credit: Cash in Bank ( if via check ) or Cash on Hand (if by cash ) 1k$......At the subsequent period, the adjusting Journal Entry must be reversed as follows: Debit - accrued Expenses Rent payable 3k$ and Credit Rent Expenses - 3k$.