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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.

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AnswerBot

5mo ago

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Related Questions

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.