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Is rent considered a liability?
Yes, rent is considered a liability because it represents an obligation to pay for the use of a property or space over a specific period of time.
What is the journal entry of rent received in advance?
Debit Cash for the cash received, and credit a liability account you can call Prepaid Rent or Prepaid Deposits. Basically, you credit a liability account because you "owe" them the rent for the month they have paid for in advance. Once the month has passed, you can debit the Prepaid Rent and credit Rental Income. Or, if the prepaid rent is a deposit made, you just keep it on your books as a liability until the end of their lease, at which time they will either be refunded the deposit (debit Prepaid Rent, credit Cash) or if they don't pay their last month's rent you can use the deposit (debit Prepaid Rent, credit Rental Income).
Why do incorporated businesses have limited liability?
Because they are a separate legal entity from the owner
Which one of the following types of businesses has the least amount of personal liability?
In limited company,the amount of personal liability is only limited to the shares you own and there is no personal liability.And the highest personal liability is in soleproprietorship.
Can a self-directed IRA loan money to individuals or businesses?
No, a self-directed IRA cannot loan money to individuals or businesses.
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Is paying rent considered a liability?
If rent is payable then it is liability for business but if rent is already paid then it is not liability but it is expense.
Is a vehicle a assets or liabilities?
For businesses and companies, vehicles can often be assets. However, for most individuals vehicles are a liability
Is rent income a asset liability or owners equity?
asset liability
What is unearned rent?
It is the rent which u have received in advance. . . . It is a liability for you. . . .got it. . . . . . !
Is rent expense an asset or liability?
Its an asset.
Is rent asset or liability?
Yes
Is rent a current liability on a personal balance sheet?
No, rent is an expense on the trading profit and loss and appropriation account. Rent due is a current liability on a personal balance sheet. Hope this helps. No, rent is an expense on the trading profit and loss and appropriation account. Rent due is a current liability on a personal balance sheet. Hope this helps.
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 services doe Strassman provide to their customers?
Strassman Insurance Services provides a broad range of policies to both business and individuals. These policies include property and liability and employee benefits for businesses. For individuals they offer life, health, disability and vehicle. They also provide umbrella policies for both businesses and individuals.
Is rent considered a liability?
Yes, rent is considered a liability because it represents an obligation to pay for the use of a property or space over a specific period of time.
What type of account is unearned rent?
Liability account.
