What are the journal entries for an accrual of rent expenses of P500? DEBIT Prepayments P500, CREDIT Rent P500 DEBIT Accrual P500, CREDIT Rent P500 DEBIT Rent P500, CREDIT Accruals P500 DEBIT Rent P500 , CREDIT Prepayments P500

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is