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If there is a balance in the prepaid rent account after adjusting entries are made it represents?
A liability is what it represents.
What are the accounting journal entries to record a prepaid inventory?
Debit prepaid inventoryCredit cash / bank
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 Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
How do you adjust entries in trial balance?
you must see additional information and adjusting entries prepare an accordance with accept principles. The balance is accrued or prepaid
If there is a balance in the prepaid rent account after adjusting entries are made it represents?
A liability is what it represents.
What are the accounting journal entries to record a prepaid inventory?
Debit prepaid inventoryCredit cash / bank
What account types 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 type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What does an asset expense relationship exist with?
prepaid expense adjusting entries
What is the journal entries of advance fore expenses?
debit prepaid expensescredit cash
Journal entry of prepaid expenses?
these are those expenses which have been paid in advance. it means that these expenses,though not related to the current year,have been included in the expenses of current year. so in order to show a true and fair view,we have to deduct such prepaid expenses from the original expenditure as they are belonging to the next year. the entry is (for example) prepaid insurance dr to insurance a/c cr
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 process for handling prepaid HOA fees at closing when purchasing a property?
Prepaid HOA fees at closing when purchasing a property are typically handled by the seller. The seller will provide the buyer with a statement showing the amount of prepaid HOA fees, which the buyer will then reimburse to the seller at closing. This ensures that the buyer takes over responsibility for the HOA fees from the date of closing onwards.
Is Prepaid expenses considered a nominal account?
Yes, prepaid expenses should be a nominal account. Prepaid expenses are not assigned to a particular organization, but rather a category.
What are the Important adjustment entries in a profit and loss account?
Important entries in profit and loss account are..... 1. Depreciation 2. Bad Debts 3. Interest on capital & drawings 4. Prepaid expenses 5. outstanding expenses ......etc
