for rent payable the correct journal entry Will be ??
Answer (1)
8th May, 2020
Hello
Rent payable is a liability that is why it is credited and rent becomes a debit expense.
Rent payable is an outstanding expense
Hence the entry will be
Rent A/c. Dr
To Rent payable A/c
Hope this is clear
Feel free to ask doubts in commen section
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