Rent is the amount a person pays for hiring or using of someone else property or any belongings.
While
Rates this refers to the fixed amount that informs about the economic value of any product, services, assets etc.
Rates are a tax, rent is either an income or an outgoing.
Rent in accounting terms refers to a recurring expense that you plan for. Rate refers more to something that results in a debit on expense, but a credit on payables.
Prepaid rent is an asset and represents and advance payment for a future benefit Rent expense is an expense and is the expended portion of the rent consumed.
Payer: debit prepaid rent and credit cash. Remember the accrual basis of accounting. After using rent for one month. Then the payer debits rent expense and credits prepaid rent.
when in real estate business when and agreement his signed what entry intialy passed
debit cash or a/r and credit unearned rent revenue
Rent in accounting terms refers to a recurring expense that you plan for. Rate refers more to something that results in a debit on expense, but a credit on payables.
It is to describe costs of running a business ,e.g. rent rates and salaries
You rent something out.You hire something in.
what are the rent rates
No that is not the basic difference between the terms lease and rent. A lease is often a long term contract, where the details can't be altered. Rent is often more short term.
Prepaid rent is an asset and represents and advance payment for a future benefit Rent expense is an expense and is the expended portion of the rent consumed.
Untrended NOI Definition
In adjusting entries, rents and rates are typically recorded to recognize any prepaid or accrued amounts related to these expenses. If rent has been paid in advance, it's adjusted to reflect the portion that corresponds to the current accounting period. Conversely, if rent is owed but not yet paid, an accrual is made to recognize the expense for the period. Adjusting entries ensure that the company's financial statements accurately reflect the expenses incurred during the accounting period.
when you rent a car, you or an adult drives it but in a taxi a taxi man drives it, a complete stranger! :)
Profit=any money made after expenses Rent=someone pays to use a property you own.
The rates for cars vary on what car you want to rent to drive and how far you drive, but rates start at $9.99 for a day and continue to go up for Enterprise.
Its the difference between the demand price and the supply price at the quota limit .