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Party A/c Dr.
To Adv. Rent Received
To Rent Received
To Output Service Tax
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∙ 12y ago
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The Prepaid Rent account represents rent paid in advance and is classified as Current Assets true or false?
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.
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.
Rent paid in advance?
Yes, what about rent in advance?
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.
What is unearned rent?
It is the rent which u have received in advance. . . . It is a liability for you. . . .got it. . . . . . !
The Prepaid Rent account represents rent paid in advance and is classified as Current Assets true or false?
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.
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.
What kind of account is rent collected in advance?
Rent collected in advance and not due yet is the current liability and shown under liabilities section of balance sheet until it is actually due.
Rent paid in advance?
Yes, what about rent in advance?
What is the journal entry of rent recieved in advance?
cash debit rent in advance credit
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.
What is unearned rent?
It is the rent which u have received in advance. . . . It is a liability for you. . . .got it. . . . . . !
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.
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.
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.
Journal entry for rent received in advance?
Cash A/C Dr To Rent Received in Advance A/C
What is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
