In December 2024
Answer to Question #179771 in Accounting for Milan
Debit Lease Receivable
Credit Unearned Lease Rental Income
- Does this journal entry mean Prepayment for the use or occupation of property? Right? Please correct me if its needed.
No, it is not a prepayment because the entry just records an agreement between lessor and lessee. It is recorded in lessor's books to recognize revenue expected to be received in future from rents which is credited and the transaction consequently results to an income receivable account which is debited.
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