Here is a question i was asked below is the scenario need
to enter journal entrries for both accounting system Cash
and Accrual
:-
1) Landlord A/c
2) Tenant A/c
3) Bills Receivable A/c
4) Cash A/c
5) Bank A/c
Situation:-
1) Bill is created.
2) Bill is sen to the tenant, journal entry =?
3) Cash is received from the tenant, journal entry=?
4) Receipt is created.
5) Receipt is sent to the tenat, journal entry=?
Its urgent, please help.
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in the book of landlord
bill is created & sent
1.)tenant name a/c.........dr
to rent (income)a/c
cash is received from tenant
2.)cash a/c ......dr
to tenant/name a/c
in tenenats book
3.Rent A/c. Dr
Rent Payable A/c
4. Rent payable A/c. Dr
Cahs Bank A/c.
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