Rent Payable
A payable account is any account that has a balance due that has not been paid yet. Say you owe $500 for one months rent, but want to record it on the books but not pay it, the journal entry would be:
Rent Expense (debit) $500
Rent Payable (credit) $500
It's the same concept as with such payable accounts like, Income Tax Payable, Salary or Wages Payable, etc.
Though it is very uncommon to record rent as a payable, usually it is recorded as prepaid (an asset) or as it is paid, not before.
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