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Q. What is Prepaid rent explain with example?
Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays rent in advance to cover more than one accounting period. On the date it compensate the rent the company debits the prepayment to the Prepaid Rent account (an asset account). The company hasn't yet received benefits resulting from this expenditure. Therefore the expenditure creates an asset.
We measure rent expense likewise to insurance expense. Usually the rental contract specifies the amount of rent per unit of time if the prepayment covers a three-month rental we charge one-third of this rental to each month. Become aware of that the amount charged is the same each month even though some months have more days than other months.
Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
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Remedies of overtrading
I''m trying to figure out how do do a journal entry. The question reads...a company purchased land worth $49,000 for an office by paying $6,300 in cash and signing a long term note
Q. External users of accounting information? The external users of accounting information grouped into groups; everyone has different interests in the company and wants answers
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Q. What do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
dividend received rs 100was posted to debit to dividend account. the rectification entry n will be what?
1. Listed below are account balances taken from the adjusted trial balance of XYZ Inc. as of December 31, 2012. Credit Account
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