6 septembre 2021

This journal entry is made to eliminate the rent payable on the balance sheet that we have recorded in the prior period. If you are a tenant, you will record a journal entry like the following—a debit entry to a rental expense account and a credit entry to a creditors account. Per ASC 842, the ROU asset is equal to the lease liability calculated in step 3 above, adjusted by deferred or prepaid rent and...