Journal entry for rent paid
The journal entry for rent paid depends on the method of payment. Here are some examples:
Rent paid by cash:
Debit Rent Expense Account
Credit Cash/Bank Account
Rent paid by cheque:
Debit Rent Expense Account
Credit Bank Account
Rent paid in advance:
Debit Prepaid Rent Account
Credit Cash/Bank Account
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It is important to note that the above examples are based on the assumption that the rent paid is a revenue expense. If the rent paid is related to a capital expenditure, the journal entries will be different. It is always recommended to consult a qualified accountant for proper guidance in accounting transactions.
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