Question

pre-paid rent expired rs5000​

Answer 1

Answer:

As the amount of prepaid insurance expires, the expired portion is moved from the current asset account Prepaid Insurance to the income statement account Insurance Expense. This is usually done at the end of each accounting period through an adjusting entry.

Answer 2

Answer:

Prepaid rent is rent paid in advance of the rental period. The journal entries for prepaid rent are as follows:

Initial journal entry for prepaid rent:

Particulars                              Dr                 Cr

Prepaid rent A/c      ...Dr      5000

  To Cash A/c                                         5000

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