JOURNAL ENTRY for Rent is due to satyan but not yet paid 200
Answers
Answer:
rent a/c dr. 200
to outsanding rent a/c 200
Answer: Journal Entry:
Rent A/c dr. 200
To Outstanding rent A/C 200
Explanation:
Journal Entry is a book-keeping accounting system that has two effects on every account i.e., if any account is debited there must be a valid reason (golden rule of accounting) and another account is credited in its respect.
In the above case, their golden rule of nominal accounts is used (an account that store value for one fiscal/ financial year). Rent is a kind of expense paid in a particular financial year.
The golden rule of nominal value is :
DR: all expenses and losses
CR: all income and gains
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