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No, rent revenue is not an asset account; it is classified as a revenue account. Revenue accounts reflect earnings generated from business activities, such as rent collected from tenants. In contrast, asset accounts represent resources owned by a company that have economic value. While rent revenue contributes to a company's overall financial position, it does not meet the criteria of an asset.
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 is rent paid Asset or revenue?
Revenue
Is service revenue an asset account?
No, it is an owner's equity account.
What type of account is the rent receivable account?
Revenue account
An example of an asset account?
unearned rent
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 rent paid Asset or revenue?
Revenue
Is account revenue an asset?
No, it is an owner's equity account.
Is service revenue an asset account?
No, it is an owner's equity account.
What type of account is the rent receivable account?
Revenue account
An example of an asset account?
unearned rent
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
What account is credited When an enterprise is the recipient of a donated asset?
The revenue account.
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 type of account is equipment?
Equipment is a long term asset account available for business to generate economic revenue.
Is unearned rent asset account?
Yes, unearned rent is considered a liability rather than an asset. It represents rent payments received in advance for which the service has not yet been provided, indicating an obligation to deliver future rental services. As the rental period progresses and the service is rendered, the unearned rent is recognized as revenue, reducing the liability.
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.
