Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 31 - No. 7)
What is the correct journal entry for paying rent expense?
Debit Cash, Credit Rent Expense
Debit Rent Expense, Credit Cash
Debit Rent Expense, Credit Accounts Payable
Debit Cash, Credit Accounts Payable
Explanation
Paying rent increases the rent expense (debit) and decreases cash (credit).
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