Posted by F on .
Hi i need help with the following transactions. Right now we are learning about the accrual basis of accounting.
1.Rent Payments included $750 per month rental fee and a $900 deposit that is refundable at the end of the 2 yr lease.
2.The company manager used her personal automobile for business purposes: 10,000 km at 35 cents per km. She was not paid for the use of her car but would like to be.
Prepaid Rent at December 31, 2006 was 9900.
I'm not sure how to do the first one.
For the second one is it just:
Miscellaneous Expense debit 3500 and A/P credit 3500.