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What is the type of account and normal balance of unearned rent?
liability, credit
An example of an asset account?
unearned rent
The type of account and normal balance of Unearned Rent is?
The normal balance of Unearned Rent is typically a liability credit entry. The balance will show up in the post-closing trial of the balance sheet.
What type of account is unearned service revenue?
Unearned Service Revenue is a Liability account.
Unearned revenue is classified as which type of the account?
contra account
What is the type of account and normal balance of unearned rent?
liability, credit
An example of an asset account?
unearned rent
The type of account and normal balance of Unearned Rent is?
The normal balance of Unearned Rent is typically a liability credit entry. The balance will show up in the post-closing trial of the balance sheet.
What type of account is unearned revenue?
Unearned Service Revenue is a Liability account.
What type of account is unearned service revenue?
Unearned Service Revenue is a Liability account.
Unearned revenue is classified as which type of the account?
contra account
Which of the following account ordinarily appears in the post-closing trial balance?
unearned rent
Why land rent is considered as an Unearned income?
land rent is an unearned income
What is the accounting equation the unearned rent account balance at August is nineteen thousand dollars representing the receipt of an advance payment on August first of three month rent from tenant?
debit cash or a/r and credit unearned rent revenue
What type of account is unearned fees?
a paper in current assets in liability
Post the journal entry of 1500 unearned rent?
Debit cash /bank 1500Credit Unearned rent 1500
Is unearned rent closed on a income summary at the end of a fiscal year?
Unearned Rent is rent paid in advance to one company/person from another. Unearned Rent is a liability until it is earned. Unearned rent is "not" closed on an income summary at the end of the fiscal year. Unearned rent is never actually "closed" but actually brought down to a zero balance account.For example, your company was paid rent for December 2010, and January and February 2011 in the amount of say $15,000 and on December 31, 2010 your fiscal year ends and you are closing your books and the December rent paid to you expires (is used up for December) your entry will be a debit to unearned rent for $5,000 and a credit to Rent Revenue for $5,000. This still leaves a balance of $10,000 in unearned rent for the following year (Jan. and Feb.)Let's look at another scenario, say you charge $3,000 a month for rent and your company is paid for the full year (Jan.-Dec.) Your first entry to record such a payment is a debit to cash $36,000 and a credit to unearned rent $36,000As each month expires you remove the amounts in increments of $3,000 until the account balance in unearned rent is zero, then at the end of the accounting period, rent revenue is closed to the income summary, not unearned rent.
