What is the accounting rule for Rent payable? Does it have credit or debit balance?

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07-09-2021
Business

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What is the accounting rule for Rent payable? Does it have credit or debit balance?

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andreondah102749 andreondah102749 · Answer 1 · 2021-09-07T09:09:56-04:00

andreondah102749 andreondah102749

07-09-2021

Answer:

credit

Explanation:

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evawilsonmoore evawilsonmoore · Answer 2 · 2021-09-07T09:10:48-04:00

evawilsonmoore evawilsonmoore

07-09-2021

Rent expense (and any other expense) will reduce a company's owner's equity (or stockholders' equity). Owner's equity which is on the right side of the accounting equation is expected to have a credit balance. Therefore, to reduce the credit balance, the expense accounts will require debit entries.

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