is prepaid reant an expense

Q: What will be the result of prepayment of rent expense in adjusting entry?

A: The prepayment of rent expense is an asset for the company because this payment is made with respect…

Q: In what instances do you use unearned revenues and prepaid expenses?

A: Assets are the items owned by the firm or individual. It is calculated by summing up all the items…

Q: Under the matching principle, when are expenses recorded?

A: Accrual accounting: The method of accounting which recognizes revenues before they are received, and…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: Accrued expenses are :

A: Accrued expenses are expenses that are incurred for the particular period but has not been paid yet.…

Q: What are prepaid expenses

A: Prepaid Expense: Prepaid expense refers to the expense made for the service prior to the consumption…

Q: Adjusting entry for accrued expense includes a debit to Expense and a credit to Liability. (A) True…

A: Answer: Accrued expenses are expenses that are appearing as the expenses but it is still not paid to…

Q: If a payment of a deferred expense was recorded under the alternative treatment, what account would…

A: Deferred expensesAdvance payment for future expenses is called as prepaid expenses. These prepaid…

Q: In accrual basis ,revenues are recognized when received and expenses when incurred Select one: O…

A: Accounting records are recorded in two ways, one Cash Basis accounting and the other Accrual Basis…

Q: What is accrued expenses

A: Accrued expenses means the expense which has been due but not paid.

Q: The expired portion of a Prepaid Expense is

A: Prepaid expenses are an expense that is paid in advance for future years. They are not due for the…

Q: 1) When an item of expense is paid and recorded inadvance, it is normally called a(n)

A: Cash may be paid before or after incurring expense.

Q: prepaid expense meaning

A: Under Accrual concept of accounting incomes and expenses are recognized as and when they occur.…

Q: If the unearned interest is credited in the adjusting entry, which of the following will be…

A: An Unearned interest refers to an interest income collected by a lending institution before they…

Q: Explain accrued expenses in detail .

A: In the above question we have asked to explain accrued expenses which is as below.

Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…

Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…

A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…

Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…

A: Wages payable: Wages company should pay them to employees but not paid by the company.

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: Explain prepaid expenses in detail.

A: Adjusting entries are the journal entries to adjust the expense and revenue which are due but not…

Q: adjusted total expenses?

A: Correct Answer is :- C 277,000

Q: What type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense

A: Unearned revenue: Unearned revenue is also called as prepaid revenue.

Q: admiHII examples of what type of expense? a. selling expense b. miscellaneous expense c.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Owner…

A: Owner’s equity: The claims of owners on a company’s resources, after the liabilities are paid off,…

Q: What is prepaid expenses with example ?

A: Definition: Expenses refer to the amount spent or costs that have been incurred to generate the…

Q: Money received from customers for products to be delivered in the future is recorded as: C . revenue…

A: Cash received from the customers will be considered as an asset. Whereas a liability will be created…

Q: Unearned revenue is:     An asset.     Income.     A liability.     An expense.

A: Unearned revenue, as the name suggests, is an advance received from the customer for which the…

Q: Which option is not a short term adjustment? A. Prepaid expense B. Depreciation C. Income…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Is a Microsoft subscription considered as a prepaid expense? Also, if it's considered or recorded…

A: Prepaid expenses are those expenses which are paid in advance for future period of time. This is a…

Q: An accrued expense can best be described as an amount Paid and currently matched with earnings…

A: Solution Concept Accrued expense Accrued expense means the expense that has already been incurred…

Q: Salaries owed but not yet paid is an example of which of the following? deferred expense or prepaid…

A: Accrued expenses are those expenses which are incurred for the particular period of time, but has…

Q: Which of the following items represent a deferral ?                                      A. Prepaid…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses on the…

Q: amount is recorded as accounts payable from this purchase?

A: Perpetual inventory management system is a method of recording inventory balance on time based on…

Q: Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b.…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Define prepaid expenses and provide at least two examples

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: What is Prepaid Expense? Provide example

A: Prepaid expenses are considered as an asset which is resulted from an advance payment for expenses…

Q: Define Prepaid expenses.

A:

Q: amount should the account payable be adjusted

A: Purchases at net amount = Purchases - Purchase discount - Purchase returns.

Q: What is the liability created by receiving revenue in advance called (before it is actually earned)?…

A: Revenue receipts in     Advance is shown as unearned revenue.

Q: Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset

A: Uncollectible accounts are those accounts from whom it is estimated that amount will not be…