Jan 1. The salon rented a place that cost 12,000 annually to start the business. The...

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Jan 1. The salon rented a place that cost 12,000 annually to start the business. The...

Jan 1. The salon rented a place that cost 12,000 annually to start the business. The full payment due in Dec. 31, 2020.

How will be recording the transaction ?

business accounting

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Answer 1

Answer #1

There'll be no entry passed regarding this on Jan 1.
Entry for the rent expense shall be passed directly on Dec 31 as:

Particulars	Debit	Credit

Rent Expense	$ 12,000.00
To Cash		$ 12,000.00

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Answer 2

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