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Yes it is - it is categorised under Current Assets.
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∙ 11y ago
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What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is Prepaid Insurance?
Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
Which type of account is prepaid expenses?
Prepaid expense is personal account in nature and default normal balance is debit balance and shown under current asset in asset side of balance sheet.
Account type and normal balance of prepaid expense?
asset, debit
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is Prepaid Insurance?
Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
Which type of account is prepaid expenses?
Prepaid expense is personal account in nature and default normal balance is debit balance and shown under current asset in asset side of balance sheet.
Account type and normal balance of prepaid expense?
asset, debit
Is prepaid rent is what type of asset?
Prepaid Rent is a Current-Asset account. Since it deals with "prepaid" it will expire on a regular basis and is not a "fixed" asset. Each month (or whatever terms the rent may be paid) the amount is removed from Prepaid-Rent and placed in Rent Expense.
Is Prepaid insurance expense an asset?
Yes. All prepaid items go in current assets until they are used and transferred to the profit and loss.
Why is prepaid rent considered an asset account?
Because it will be transferred to an expense account....debit must equal credits on the j/e
Is prepaid insurance a current asset or fixed asset?
Current Asset
Is a prepaid asset considered an intangible asset?
No. A prepaid asset is an asset that May be Tangible or Intangible, but is not yet 'in service'. When it is acquired and in service, is when it may be determined if it is Tangible or Intangible.
