Adjustment entries
This query is : Resolved
13 October 2012
Hello sir,
Help me pls..
what wouuld be adjustment entry if there is Rent=25,000
outstanding rent =5000
and advance rent =7500 in trail balance..
Help me pls..
what wouuld be adjustment entry if there is Rent=25,000
outstanding rent =5000
and advance rent =7500 in trail balance..
13 October 2012
Rent 25000
Add: Outstanding 5000
Less: prepaid 7500
________
22500
Add: Outstanding 5000
Less: prepaid 7500
________
22500
13 October 2012
No adjustment entry required.If they appear in trial balance since rent account is already adjusted with outstanding and advance rent.
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