Get Prepaid Rent In Balance Sheet Pictures. The pre paid rent account is a balance sheet account shown under the heading of current assets. On the assets part, it can be as prepaid rent, if you paid your rent in advance (like a if you paid the rent as an advance payment for future use of let say office space.
Solved: CAPTAIN JET INC. BALANCE SHEET DECEMBER 31, 2017 C ... from media.cheggcdn.com Prepaid expenses and prepaid revenues are prepayments by businesses and customers. A current asset account that reports the amount of future rent expense that was paid in advance of the rental period. Consider a retail store that moves into your local mall, signs a rental agreement, and pays 12 months of rent in advance.
The journal entries for prepaid rent are as follows 2.
This future payment is recorded on the balance sheet as a current asset. A prepaid rent account is set up when a business pays rent in advance of the current rental and balance sheet period. Prepaid expenses and prepaid revenues are prepayments by businesses and customers. Prepaid rent is a balance sheet account, and rent expense is an income statement account.
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