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Old 04-01-2008, 11:09 PM   #3 (permalink)
bizark
 
Status: Getting feet wet
Join Date: Mar 2008
Location: USA
Posts: 38
bizark will become famous soon enough
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Credit Rent Payable and Debit Rent Expense. when the rent is paid, you credit cash and debit rent payable. Rent is usually due on the first of the month, and that is when the expense would be accrued, if you really want to do it like that. After doing it this way, you'll notice that your rent payable account has zeroed out, because you've used it for both transactions.
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