There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
[Debit] CashCredit Rent Received / Rent Revenue
Debit prepaid rent and credit cash.
No entry for giving car on rent rather entry is recorded when rent is received from customer.
prepaid rent a/c dr. to cash a/c
cash debit rent in advance credit
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
[Debit] CashCredit Rent Received / Rent Revenue
Debit prepaid rent and credit cash.
No entry for giving car on rent rather entry is recorded when rent is received from customer.
prepaid rent a/c dr. to cash a/c
prepaid rent a/c....................Dr To cash A/c
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
Rent Received Account Dr To Cash/ Bank
Debit prepaid rentCredit bank
when in real estate business when and agreement his signed what entry intialy passed
Rent received a/c debit to cahs or bank a/c credit