what are the journal entries in the books of both companies 1 Like Rohit Raghuwanshi (Article Assistant) 16 January 2017 Cash balance decreases by $1,500. The first six months are rent free, and rent of €7,500 is payable quarterly thereafter. Journal Entries… The journal entries would be: Create journal entry when I pay bill: Debit Prepaid Rent Expense by amount of rent and credit Equity Investment Payable by same amount (FYI - this is an LLC). 28 April, Salary paid to Mr Prakash for the month of April Rs 15,000. Journalize the entry for this transaction. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash payment of $600 received in advance. Ron is going to give $25,000 cash and an automobile with a market value of $30,000. To illustrate, Sam Sun and Ron Rain decided to form a partnership. Journal Entry Question - Rent in Advance. We are private LTd co We are paying Rs 10000 p m as rent to our 1 director for using our office What should be Journal entry and Payment entry for this Should I credit directors account or rent payable account What entry should I passed for March 2014 rent which was paid in April 2014 - Accounts A/c entries In line with the above requirements, the lease payments will be recognised on a straight line basis over the lease term and the rent free period will be spread over the lease term as a reduction to the lease expense. If this is correct, do I also have to create a bill in the Quickbooks "Enter Bills" section? Required: Journal entries . A: The journal entry … Results of Journal Entry. Basics of Journal Entries Accounting Journal Entry Examples. Journal entry of rent of the residence of the proprietor paid from his own pocket rs.16000 - 9794361 Ron is also going to transfer the $20,000 note on the automobile to the business. Lease expense. 30 April, Internet expenses paid to Broadlink Solution (P) Ltd Rs 1,500. Assuming you have not prepaid any rent for the next X amount of months,and are just paying as you go, it would be a debit to Rent Expense and a credit to Cash. Step 4: Set up your journal. Sam contributes $100,000 cash to the partnership. Paid $1,500 rent. by Judy (Jenkins) Q: LaBouche Corporation owns a warehouse. Accountants record the entries into the journals when the event occurs in a business’ normal operations. Journal entries are representations of business transactions. 3.4 Journal Entries For the Flow of Production Costs. --> Decrease in Assets Rent Expense account balance increases by $1,500. 1. ... Filing taxes for a shared residence. If I have two companies abc and xyz if abc pay rent for xyz then what if the treatment in the accounting books of both companies. 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