Question

paid rent in advance 400 accounting equation ​

Answer 1

Answer:

Debit Prepaid Rent and credit Cash in the period which you prepay the rent

Explanation:

Prepaid Rent is an asset on the balance sheet. Then each period that the rent applies, Debit Rent Expense and credit Prepaid Rent. For example, you prepay 2019 Rent in the amount of $12,000 in December of 2018.