Answer to: Prepaid Rent is a(n) ___ account and has a normal ___ balance. A. asset; credit B. liability; debit C. asset; debit D...
Prepaid expenses are initially recorded during the normal accounts payable process, when a properly approved invoice or contract is paid. The prepaid expense is initially created by debiting the asset, and is offset by a credit that reduces cash. This initial step only affects the balance sheet....
is the account classification and normal balance of Prepaid Rent?声明: 本网站大部分资源来源于用户创建编辑，上传，机构合作，自有兼职答题团队，如有侵犯了你的权益，请发送邮箱到feedback@deepthink.net.cn 本网站将在三个工作日内移除相关内容,刷刷题对内容所造成的任何后果不承担法律上的任何义务或责...
These payments in advance can be forequipment, supplies, rent, insurance,and anything else the business pays for before using it. What Type of Account is a Prepaid Expense? You may be thinking: a prepaid expense is an expense account, right? It’s in the name!
Prepayment for insurance is a normal part of both business and private life. If you do not pay an insurance premium, your insurer may decide to cancel your policy, which could be disastrous.Paying in advanceavoids that risk. This applies to most of the insurance you pay as a business owner...
The normal balance of a particular account tells users how to increase or decrease an accounts balance but no matter what accounts are selected the total debits and credits must be the same. If they are not, then an error has occurred and this will be seen when the ...
I never thought of those options - in fact, I didn't realize there were places that still did 'rent to own'. I knew from the start that the prepaid card wouldn't do a thing for my credit, but I got it because it was necessary for things like - well - booking airline tickets ...
Can I use my Card for services such as hotel reservations, car rentals or restaurants? Yes. However, some merchants require that a temporary hold be placed on funds. This is normal practice for merchants accepting credit or prepaid cards to ensure that you have sufficient funds to pay for ...
Companies regularly pay for services they'll use in the future. Typical instances include rent, insurance, leases, marketing, retainers for lawyers, and estimated tax payments. Since these provide benefits in the future, companies record prepaid expenses as assets on their balance sheet, but they ...
Then, as each month ends, the prepaid rent balance sheet account is reduced by the monthly rent amount, which is $4,000 per month ($24,000 ÷ six months). At the same time, the company recognizes a rental expense of $4,000 on the income statement. Thus, the monthly adjusting entry ...