On May 1, Boyz Security Servicesrented office space and paid twomonth's rent in advance in theamount of P8,000. The entry wouldbedebit to prepaid rent, P8,000; credit to cash,P8,000.debit to expenses rent, P8,000; credit tocash, P8,000.debit to prepaid rent, P8,000; credit toaccounts payable, P8,000.debit to expenses rent, P8.000; credit toaccounts payable, P8,000.

Journal entry is the process of documenting business transactions for the first time in the books of…

On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the amount of P8,000. The entry would be debit to prepaid rent, P8,000; credit to cas P8,000. debit to expenses rent, P8,000; credit to cash, P8,000. debit to prepaid rent, P8,000; credit to accounts payable, P8,000. debit to expenses rent, P8.000; credit to accounts payable, P8,000.

On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the amount of P8,000. The entry would be debit to prepaid rent, P8,000; credit to cas P8,000. debit to expenses rent, P8,000; credit to cash, P8,000. debit to prepaid rent, P8,000; credit to accounts payable, P8,000. debit to expenses rent, P8.000; credit to accounts payable, P8,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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