Asked by
Alexandra Armas
on Nov 18, 2024Verified
The payment for the monthly rent will require which of the following entries?
A) debit Cash and debit Rent Expense
B) credit Cash and credit Rent Expense
C) debit Rent Expense and credit Cash
D) credit Rent Expense and debit Cash
Rent Expense
An expense account that records the cost incurred by a business to utilize property or equipment for operations.
Debit
An accounting entry that increases an asset or expense account, or decreases a liability or equity account, reflected on the left side of an account.
Credit
An accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is also used to refer to the provision of resources by a credit provider to a borrower.
- Gain insight into the guidelines for debits and credits in financial accounting.
- Learn the steps involved in capturing and entering financial transactions into accounting systems.
Verified Answer
DH
Learning Objectives
- Gain insight into the guidelines for debits and credits in financial accounting.
- Learn the steps involved in capturing and entering financial transactions into accounting systems.