513 Partial Month (Pro-Rata) Income (Closed End Lease)
523 Partial Month (Pro-Rata) Income (Open End Lease)
Lease & Rental Activity
Sales Synopsis
Account 513, Partial Month (Pro-Rata) Income (Closed End Lease) and Account 523, Partial Month (Pro-Rata) Income (Open End Lease) are established to record Partial month lease payments. In some cases, leases may be written to allow for payments on a weekly basis.
Debits |
Credits |
|
|
Example 1
Record cash of $184 for a partial month lease income on a new Closed End Lease of $175 and sales tax of $9.
Journal: Cash Receipts
Entry: |
|
Debit |
Credit |
Account 201 |
Cash on Hand |
$184 |
|
Account 513 |
Partial Month (Pro-Rata) Income – Closed End Lease |
|
$175 |
Account 324 |
Sales Taxes Payable |
|
$9 |