As all expenses has debit balance as normal balance and rent is also expense then rent expense also has debit balance and shown in income statement as a reduction from revenue.
Basic entries are as follows: Debit Bank Cash Book account with the Cash amount received Credit Rental Income account with Cash amount received
debit
A credit
debit
Debit
As all expenses has debit balance as normal balance and rent is also expense then rent expense also has debit balance and shown in income statement as a reduction from revenue.
If you are paying rent it is a debit. If you are a landlord receiving rent its a credit.
As all expenses has debit balance as normal balance and rent is also expense then rent expense also has debit balance and shown in income statement as a reduction from revenue.
Revenue is income or a credit.
Service Revenue is credit in nature because it is an income.
Basic entries are as follows: Debit Bank Cash Book account with the Cash amount received Credit Rental Income account with Cash amount received
debit
A credit
[Debit] Revenue receivable [Credit] Accrued revenue
debit
[Debit] Rent Expense[Credit] Rent payableWhen rent paid[Debit] Rent payable[credit] Cash / bank