0
What else can I help you with?
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 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 Insurance?
Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
Which type of account is prepaid expenses?
Prepaid expense is personal account in nature and default normal balance is debit balance and shown under current asset in asset side of balance sheet.
Account type and normal balance of prepaid expense?
asset, 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.
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 type of account is Prepaid Insurance?
Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
Which type of account is prepaid expenses?
Prepaid expense is personal account in nature and default normal balance is debit balance and shown under current asset in asset side of balance sheet.
Account type and normal balance of prepaid expense?
asset, debit
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.
What is a prepaid expense account called?
A prepaid expense account is typically referred to as a "prepaid expense" or "prepaid asset." This account represents payments made in advance for goods or services that will be received in the future. As the benefits of these expenses are realized over time, they are gradually expensed on the income statement.
When rent is prepaid for several months in advance the debit is to?
When rent is prepaid for several months in advance, the debit is recorded in a prepaid rent account, which is considered an asset. This reflects the company's right to occupy the property for the duration of the prepaid period. As each month passes, the appropriate portion of the prepaid rent is expensed, moving the amount from the asset account to rent expense on the income statement.
Is Prepaid insurance expense an asset?
Yes. All prepaid items go in current assets until they are used and transferred to the profit and loss.
Why is prepaid rent considered an asset account?
Because it will be transferred to an expense account....debit must equal credits on the j/e
