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.
Yes, rent is considered a liability for both individuals and businesses because it represents an obligation to pay for the use of property or space over a specific period of time.
The loan is considered a liability - The value of the company is the equity.
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).
Yes, receiving payment for your rent is considered as income.
Accounts payable is considered a liability on a company's balance sheet.
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.
yes
rent is an expense while outstanding rent is a liability
Yes, rent is considered a liability for both individuals and businesses because it represents an obligation to pay for the use of property or space over a specific period of time.
asset liability
It is the rent which u have received in advance. . . . It is a liability for you. . . .got it. . . . . . !
Its an asset.
Yes
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.
Liability account.
asset
Yes unearned rent is that amount which is already received but which is not due to be received yet that's why it is shown in liability section of balance sheet and it has credit balance.