Pre Paid Rent Bookkeeping Question

Prepaid Rent

I am just starting out doing some bookeeping for a friend. She paid her 1st and last months rent plus a security deposit. How will I post the last months rent and the security deposit?

Prepaid Estimated Taxes

How should I record an estimated tax payment?

As a prepaid Asset? And then adjust it when I pay the actual tax at the end of the year?

Hi,

Thanks for your question. If you are a sole proprietor paying your estimated tax payments out of your business account, the payments would be posted as an Owner's Equity Draw Sub-account as follows:

DEBIT Owner's Draw: Estimated Taxes
CREDIT Bank Account

Prepaid Expenses

by Natty
(Sturgeon Falls, Ontario Canada)

How to post a prepaid insurance expense, or can I just post it as a one time expense when invoiced?

The payments are made monthly over a one year period going into the next year.

Nadeen

Prepaid Expenses and Unearned Revenues.

by Patsy Maxey
(Gerorgia)

How would a copy of a Post joural entry look, to the gneral ledger accounts.

Illustrate Insurance expense, Prepaid Insurance. Show how it should look...

Prepaid Lease

How do I record a prepaid auto lease? This is for a 3 year lease and for persoanl use

Prepaid Loan Fees

by Derry
(Seattle)

We are prepaying loan costs for a customer and then the customer reimburses us. Should this be a prepaid asset.

Prepayment Rent

by Mahmoud
(Kuwait)

How to treat prepaid expenses if the vendor gives the invoice and paid after 60 days?

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