Cash A/C Dr
To Rent Received in Advance A/C
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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