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What else can I help you with?
Is rent a liability for individuals or businesses?
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.
Is the loan you take to buy the business considered a liability and equity?
The loan is considered a liability - The value of the company is the equity.
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).
Is receiving payment for my rent considered as income?
Yes, receiving payment for your rent is considered as income.
Is accounts payable considered an asset or a liability on a company's balance sheet?
Accounts payable is considered a liability on a company's balance sheet.
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 rent considered liability on income net worth?
yes
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Is rent a liability for individuals or businesses?
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.
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.
What type of account is unearned rent?
Liability account.
Is prepaid rent an asset or liability in the books of the payer?
asset
Is unearned rent a liability with a credit balance?
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.
