Question

Rent and taxes journal entry

Answer 1

Answer:

There are two scenarios for the journal entry. For example, the lease is 1k $ per month. If the lessee paid the rent in advance for one year, the accounting journal entry: Debit- Prepaid Rent 12K$ and Credit- Cash on Hand (if paid in cash) or Cash in Bank (if paid by check) for 12K$.

Answer 2

if rent is paid

Rent Dr.

To Cash

if rent is received

Cash. Dr.

To Rent received

Taxes Paid

Income tax a/c. Dr

To Cash

Hope this helps you

Please mark me as brainliest