Question

Rent due to land loard journal entry

Answer 1

Rent A/C   ...dr.  

      To  Outstanding Rent A/C

Explanation:

Journal entry is described as the entries that record the various transactions that take place in business.

The debit side denotes an asset or an expense transaction while the credit expresses a transaction that would cause a liability or profit.

The debit transaction increases a deposit balance while credit causes an increase in the deposit balance.

In the given situation, rent is an expense. So, it will be debited. While it creates a liability and therefore, outstanding rent a/c will be credited.

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