Accountancy, asked by Noname000, 2 months ago

prepaid rent utilized next year journal entry

Answers

Answered by brainly0055
0

Answer:

The initial journal entry for prepaid rent is a debit to prepaid rent and a credit to cash. These are both asset accounts and do not increase or decrease a company's balance sheet. Recall that prepaid expenses are considered an asset because they provide future economic benefits to the company.

Answered by jaanu4566
16

Explanation:

The initial journal entry for prepaid rent is a debit to prepaid rent and a credit to cash. These are both asset accounts and do not increase or decrease a company's balance sheet. Recall that prepaid expenses are considered an asset because they provide future economic benefits to the company.

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