Find expert advice and community support for all your questions on IDNLearn.com. Our platform is designed to provide trustworthy and thorough answers to any questions you may have.

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

Sagot :

Answer:

credit

Explanation:

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.