Knowee
Questions
Features
Study Tools

Explain what is prepaid rent expense, unearned revenue, accrued revenue and accrued expense and whether they're debit or credit on the general journal

Question

Explain what is prepaid rent expense, unearned revenue, accrued revenue and accrued expense and whether they're debit or credit on the general journal
🧐 Not the exact question you are looking for?Go ask a question

Solution 1

  1. Prepaid Rent Expense: This is an account in which businesses record payments for rent that will take place in the future. A prepaid rent expense is considered an asset for the business. When the rent is paid, it is initially recorded as a debit to the prepaid rents account. As the rent expense is Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  

This problem has been solved

Similar Questions

Define what is balance day adjustments and give examples of each prepaid rent, accrued rent, unearned commission revenue and accrued commission revenue

Define what is Prepaid expenses, Accrued expenses, Unearned revenue and Accrued revenue

Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.  True False

Prepayments of interest expense under asset method should be recorded as debit to unearned interestGroup of answer choicesTrueFalse

Which of the following statements is incorrect? a. The normal balance of the receivable account is a debit. b. The normal balance of the owner’s personal account is a debit. c. The normal balance of an unearned revenues account is a credit. d. The normal balance of an expense account is a credit. e. All of the above statements are correct.

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.