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What is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
What is the journal entry for rent paid in advance?
prepaid rent a/c dr. to cash a/c
What is the journal entry for rent advance paid?
prepaid rent a/c....................Dr To cash A/c
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 is the journal entry of rent paid in advance?
Debit prepaid rent and credit cash.
What is the journal entry for rent paid in advance?
prepaid rent a/c dr. to cash a/c
What is the journal entry for rent advance paid?
prepaid rent a/c....................Dr To cash A/c
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 is the journal entry for postdated cheques paid as rent in advance?
Debit prepaid rentCredit bank
Is the rent paid for future months a liability?
Yes, rent paid for future months is considered a liability. When a tenant pays rent in advance, it creates an obligation for the landlord to provide housing for that period. This prepayment is recorded as a liability on the landlord's balance sheet until the time period for which the rent was paid has elapsed.
What does week in advance mean?
With reference to payment, it means paying up front, for the week ahead. Rent paid in advance, means you pay for the week you are about to have, first.
I rents a building for a showroom at a rent of 8000 per month on September 1 of 2008 they paid 40000 rent in advance which was properly charged at that time to prepaid rent. what is the entry?
Prepaid Rent ( debit ) Cash ( credit )
Is rent paid expense an asset or liability?
Rent paid is typically considered an expense rather than an asset or liability. When rent is paid, it reduces the cash account (an asset) and is recorded as an expense on the income statement, reflecting the cost of using the rented space during that period. However, if rent is paid in advance, it may be classified as a prepaid expense, which is considered a current asset until the rental period occurs.
Can land lord evict tenant who has paid rent advance of two years?
Never heard of anybody paying rent two years in advance. But, yes, if there is a reason. The landlord surely would have to pay back the unused portion of rent, but, if the tenant is violating the lease, he can be evicted. Serious violations, like damaging the premises, selling drugs, running a house of prostitution, setting the place on fire, having a pit bul, or even just smoking could easily result in an eviction, even with that much rent paid in advance.
When December rent is paid in November which acct is debited?
When December rent is paid in November, the "Prepaid Rent" account is debited. This reflects the advance payment for rent, representing an asset until the rental period occurs in December. The corresponding credit would be made to the "Cash" account to reflect the decrease in cash due to the payment.
