What accounts are debited and credited to record the collection of rent?
Question:
What accounts are debited and credited to record the collection of rent?
Nominal Accounts:
One of the types of accounts apart from the real accounts and personal accounts is the nominal account. As per the golden rules of accounting for nominal accounts, all expenses and losses should be debited and all incomes and gains should be credited.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answer
When rent is collected, the following entry is made:
Explanation:
| General Journal | Debit | Credit |
| Cash | $XX | |
| Rent revenue | $XX |
As cash is coming in, it...
See full answer below.
Learn more about this topic:
Get access to this video and our entire Q&A library
Journal Entries and Trial Balance in Accounting
from
Chapter 3 / Lesson 10Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples.
Explore our homework questions and answers library
Browse
by subject