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Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
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∙ 10y ago
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List Prepaid expenses on balance sheet?
Prepaid Rent, Prepaid Insurance, and Prepaid Interest... maybe? Check it out on Investopedia.com
Is a decrease in prepaid rent a debit or a credit?
Prepaid Rent is an asset, therefore to decrease the asset (or use up the rent) a decrease would be a credit. Assets generally maintain a debit balance, which means to increase the balance we debit and to decrease the balance we credit.
What is the normal balance of unearned rent?
It has a normal balance of a credit.
What is the normal balance of rent revenue?
Rent is a revenue account and like all revenue accounts it has credit balance as normal balance.
What is the normal balance of a prepaid insurance account?
Debit.
List Prepaid expenses on balance sheet?
Prepaid Rent, Prepaid Insurance, and Prepaid Interest... maybe? Check it out on Investopedia.com
Is a decrease in prepaid rent a debit or a credit?
Prepaid Rent is an asset, therefore to decrease the asset (or use up the rent) a decrease would be a credit. Assets generally maintain a debit balance, which means to increase the balance we debit and to decrease the balance we credit.
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.
What is the normal balance of unearned rent?
It has a normal balance of a credit.
What is the normal balance of rent revenue?
Rent is a revenue account and like all revenue accounts it has credit balance as normal balance.
What is the normal balance of a prepaid insurance account?
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.
If there is a balance in the prepaid rent account after adjusting entries are made it represents?
A liability is what it represents.
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 will prepaid rent given outside trial balance as adjustment be recorded?
we will take it as a current asset
How do you pass journal entry for prepaid rent?
Prepaid rent A/c Dr To, Rent A/C
The type of account and normal balance of Unearned Rent is?
The normal balance of Unearned Rent is typically a liability credit entry. The balance will show up in the post-closing trial of the balance sheet.
