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The Prepaid Rent account represents rent paid in advance and is classified as Current Assets true or false?
Alonnareed20
Yes prepaid rent is rent paid in advance and as normally it is for short term or for one fiscal year that's why it is shown under current assets.
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∙ 9y ago
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How is Prepaid Income treated in balance sheet?
Prepaid Income is considered current liability as it represents the advances received from customers on account of work to be performed.
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.
If there is a balance in the prepaid rent account after adjusting entries are made it represents?
A liability is what it represents.
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.
Is a prepaid expanse an asset account?
Yes it is - it is categorised under Current Assets.
How is Prepaid Income treated in balance sheet?
Prepaid Income is considered current liability as it represents the advances received from customers on account of work to be performed.
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.
If there is a balance in the prepaid rent account after adjusting entries are made it represents?
A liability is what it represents.
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.
Is a prepaid expanse an asset account?
Yes it is - it is categorised under Current Assets.
Unearned revenue account is classified as a?
Unearned revenue account is classified as current liability as it is the revenue not yet earned by business.
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.
The Common Stock Distributable account is classified as a current liability?
FALSE!
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.
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.
