0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How do you enter rent received and rent receivable in accounts?
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
Is rent expense an current asset or non current assets?
Rent expense is an expense. If you pre-pay it (prepaid expense), it is a current asset, because you are generally only going to be prepaying it for like a month or so in advance.. Current asset - financial benefits received within 12 months. Non-current asset - financial benefit received beyond 12 months.
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 is the normal balance for prepaid rent?
Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
Is prepaid rent is asset?
Yes, any expense paid in advance is current asset as the actual benefit will be taken in future time period.
Is prepaid rent an asset or liability?
Prepaid rent is the asset of compan as it is paid already but not due yet so it is current asset and shown in current assets under balance sheet.
How do you enter rent received and rent receivable in accounts?
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
Is prepaid rent goes to income statement?
Prepaid rent is that amount which is paid in advance but benefit of which is not yet taken by business so it is current asset of business and like all current assets it is also shown under asset side of balance sheet and not in income statement.
Is prepaid rent a long term asset?
A Long-Term Asset is one in which the benefits of that asset extend beyond the course of a year. The benefits of prepaid rent are typically more immediate, and therefore Prepaid Rent is classified as a Current Asset.
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 rent expense an current asset or non current assets?
Rent expense is an expense. If you pre-pay it (prepaid expense), it is a current asset, because you are generally only going to be prepaying it for like a month or so in advance.. Current asset - financial benefits received within 12 months. Non-current asset - financial benefit received beyond 12 months.
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 is the normal balance for prepaid rent?
Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
Is prepaid rent is asset?
Yes, any expense paid in advance is current asset as the actual benefit will be taken in future time period.
Does rent revenue go on a balance sheet or income statement?
If Rent Revenue is shown in income statement but if that revenue is still receivable in accrual accounting system then it will shown under balance sheet at asset side as well.
How will prepaid rent given outside trial balance as adjustment be recorded?
we will take it as a current asset
Does prepaid rent goes on income statement?
Prepaid rent is that amount which is paid in advance but benefit of which is not yet taken by business so it is current asset of business and like all current assets it is also shown under asset side of balance sheet and not in income statement.
