On december 31, 2019, Tom Tenant paid Lou Landlord $2,250 for rent for Jan, Feb and...
On december 31, 2019, Tom Tenant paid Lou Landlord $2,250 for rent for Jan, Feb and Mar of 2020.
Required:
(A) Record the journal entries as they would appear on the books of Tom Tenant on the following dates:
Dec 31
Jan 31
Feb 28
Mar 31
Required:
(B) Record the journal entries as they would appear on the books of Lou Landlord on the following dates:
Dec 31
Jan 31
Feb 28
Mar 31
Homework Answers
JOURNAL ENTRY
IN THE BOOKS OF
TOM TENANT
AS ON
31.12.2019
prepaid rent a/c Dr. $2250
to cash a/c $2250
AS ON
31.1.2020
Rent expenses a/c Dr. $750
To prepaid rent a/c $750
AS ON
28.2.2020
Rent expenses a/c Dr. $750
To prepaid rent a/c $750
AS ON
31.3.2020
Rent expenses a/c Dr. $750
To prepaid rent a/c $750
JOURNAL ENTRY
IN THE BOOKS OF LAU
LANDLORD
AS ON
31.12.2019
Cash a/c Dr. $2250
To rent recieved in advance $2250
AS ON
31.1.2020
Rent received in advance a/c Dr. $750
Rent income a/c $750
AS ON
28.2.2020
Rent received in advance a/c Dr. $750
Rent income a/c $750
AS ON
31.3.2020
Rent received in advance a/c Dr. $750
Rent income a/c $750
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