Rent Receivable Journal Entry
I n accounting, rent is t he payme nt received from tenant against t he use of la nd during t he accou nting period. It is a current asset as still t he payme nt is not received b y la ndlord against t he la nd services and facilities used b y te nant during t he period. Th e rent receivable adjusting entry is recorded b y a de b it to re nt receivab le accou nt (a current asset account) and a credit to rent received account (as a revenue account on income statements) as s how n b elow: Re nt Receivab le a/c XXX Re nt Received a/c XXX ...