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What should be credited, if rent paid in cash?

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Question added by Muhammad Ramzan Tufail ACCA , Assistant Finance Manager , Eltizam Asset Management Group
Date Posted: 2015/06/13
Tranquilino Jr Rivera
by Tranquilino Jr Rivera , General Accountant , Enany Group of Companies

Answer is C. Cash should be credited.

Deleted user
by Deleted user

Answer: Credit: Cash account since there is a decrease in cash as a result of the payment.

Wasim khan wazir
by Wasim khan wazir , Finance Specialist , Mott Macdonald

Option C. Cash account................,,,,

Shahbaz Hayder
by Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies

Answer is Option C - Cash Account.

Waqar khan
by Waqar khan , Audit Associate , PwC

Cash account.!!#!!!!!!! &&&&€€££

Samuel Loveday
by Samuel Loveday , Management Accountant , Mopheth Nigeria Limited

when rent is paid the account entry is CR. CASH ACCOUNT AND DR. RENT ACCOUNT

     

Abdul Majid Khatri
by Abdul Majid Khatri , A Qualified Chartered Accountant , Honeycomb Logistics Pvt. Ltd.

Cash A/C....................................................

Deleted user
by Deleted user

Cash should be credit when rent is paid in cash.

Mohammed Habeebuddin
by Mohammed Habeebuddin , Finance Manager , Jaleel Holdings LLC (MNC)

Debit : Rent expense Account

Credit: Cash Account

Muhammad Usman Noorani
by Muhammad Usman Noorani , Accountant-General , Emirates British Nursery LLC Dubai

ultimate effect will be for cash, 

richard botor
by richard botor , Merchandiser , ace promotion and marketing incorporation

debit rent expense credit cash

 

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