Why is Prepaid Rent considered an asset account?
Question:
Why is Prepaid Rent considered an asset account?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Payment of rent represents a payment in advance for which the benefit has not yet taken In o...View the full answer
Answered By
Muhammad Ahtsham Shabbir
I am a professional freelance writer with more than 7 years’ experience in academic writing. I have a Bachelor`s Degree in Commerce and Master's Degree in Computer Science. I can provide my services in various subjects.
I have professional excellent skills in Microsoft ® Office packages such as Microsoft ® Word, Microsoft ® Excel, and Microsoft ® PowerPoint. Moreover, I have excellent research skills and outstanding analytical and critical thinking skills; a combination that I apply in every paper I handle.
I am conversant with the various citation styles, among them; APA, MLA, Chicago, Havard, and AMA. I also strive to deliver the best to my clients and in a timely manner.My work is always 100% original. I honestly understand the concern of plagiarism and its consequences. As such, I ensure that I check the assignment for any plagiarism before submission.
4.80+
392+ Reviews
587+ Question Solved
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Accounting questions
-
Kiersted Financial Services was formed on November 1, 2014. During the month of November, the following events and transactions occurred: Nov. 1 Haakon Kiersted, the owner, invested $35,000 cash in...
-
Listed here are a series of accounts that are numbered for identification. 1. Cash 2. Accounts Receivable 3. Notes Receivable 4. Inventory 5. Accrued Interest Receivable 6. Accrued Rent Receivable 7....
-
The following errors took place in journalizing transactions: a. A purchase of a one-year insurance policy was recorded as a debit to Insurance Expense of $2,730 and a credit to Accounts Payable of...
-
You have been asked by the principal investigator of a qualitative research project to suggest ideas for maintaining confidentiality of private, sensitive information obtained from human...
-
Following is the unadjusted trial balance for Alcorn Institute as of December 31, 2011, which initially records prepaid expenses and unearned revenues in balance sheet accounts. The Institute...
-
Buckwall University (BU), a private not-for-profit university, had the following transactions during the year ended June 30, 20X8: 1. Assessed students $2,000,000 for tuition for the winter semester,...
-
Describe the shape of the distribution. Use the data set, which represents the points scored by each player on the Montreal Canadiens in the 20152016 NHL season. 7507 17 10 0 19 2 18 9 5 5 26 26 0 12...
-
Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par...
-
b) Explain what decision-making is (no more than 50 words for each) i) according to the legal context of Anishinaabe nations ii) according to the context of CPA professional standards quoted from...
-
Fit Fixtures Incorporated (FFI) is a manufacturer of exercise equipment such as treadmills, stair climbers, and elliptical machines. The company has a December 31 year end and uses ASPE. The...
-
What are accounts?
-
Why is the modern system of accounting usually called the double-entry system?
-
Your beginning salary is $50,000. You deposit 10% at the end of each year in a savings account that earns 6% interest. Your salary increases by 5% per year. What value does your savings book show...
-
Plot the polarization data shown below for an electrode of 1.00 cm of iron in an acid solution of pH=1 bubbled with pure hydrogen under activation polarization. How might the potentials in this data...
-
What is the value of $50 to be received next year and then forever growing each year at 4% with a 6% discount rate?
-
You want to be on the Board of Schenkel Enterprises. Unfortunately, you will be the only one voting for you. If they have 400,000 shares outstanding, and the stock sells for $48 per share, how much...
-
For a college education, you plan to save up by starting early. What amount is expected at the end of 20 years if the rate is 4% yearly and you invest only $50 each month?
-
A cart of mass 0 . 3 3 8 kg is placed on a horizontal track. A spring with a spring constant of 8 . 1 5 N m is attached between the cart and the left end of the track. The cart's initial position...
-
Because the amounts of nicotine in king size cigarettes listed in Data Set 4 in Appendix B constitute a sample of size n = 25, we must satisfy the requirement that the population is normally...
-
Using Apple, demonstrate how the differentiation strategy can be well implemented.
-
What is the function of the Securities and Exchange Commission?
-
All of the following are goals of internal control except: a. Policies and procedures to safeguard assets. b. Ensuring reliability of accounting data. c. Fraud prevention. d. Encouraging...
-
Fraud is intentional or reckless acts that result in the confiscation of a firms assets or the misrepresentation of the firms accounting data. a. True b. False
-
Shawn Inc. proposed to install one Robotic Machine for his new project, an initial investment of CANVAS Technology will be $520,000 and the Robotic will be expected to generate net cash flows of at...
-
You anticipate the receipt of money in 200 days, which you will use to purchase stocks in a particular company. The stock is currently selling for $51 and will pay a $0.5 dividend in 50 days and...
-
1) Based on the stock chart for Michaels Companies Inc, what do you think the short and long-term growth potentials are for this company? (discuss the advantages/disadvantages) Link to the stock...
Study smarter with the SolutionInn App