Hi i need help with the following transactions. Right now we are learning about the accrual basis of accounting.
1.Rent Payments included $750 per month rental fee and a $900 deposit that is refundable at the end of the 2 yr lease.
2.The company manager used her personal automobile for business purposes: 10,000 km at 35 cents per km. She was not paid for the use of her car but would like to be.
Prepaid Rent at December 31, 2006 was 9900.
I'm not sure how to do the first one.
For the second one is it just:
Miscellaneous Expense debit 3500 and A/P credit 3500.
For 1. only the rental payment is recognized as income for the period; an entry will still be needed to recognize the 900 deposit collected, but it is not income. Is this prepaid rent or not?
For 2. there should be some kind of allowance account for mileage; I'm not sure misc exp is correct here. I don't think it would be handled as an A/P since those are usually recurring accounts. I'm not sure what the exact account titles are, but it might be something like Dr for mileage exp and Cr for employee reimbursement payable. When the actual payment is made it would be reimb.pay./cash. Check your text for what possible accounts to use.
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