is prepaid rent a permanent account

Cash, accounts receivable, and rent revenue. The Accounting Equation, Assets = Liabilities + Owners Equity means that the total assets of the business are always equal to the total liabilities plus the equity of the business This is true at any time and applies to each transaction. Renting and leasing agreements have existed for a long time and will continue to exist for individuals and businesses. Until such notice is given, the transferor remains jointly and severally liable with the successor landlord to the tenant for any such security deposit or prepaid rent. Which type of account prepaid rent depends on whether your company pays prepaid rent or accepts it from someone else. For each account listed, identify the category in which it would appear on a classified balance sheet. The change is designed to address situations just like yours, when tenants are unemployed but have enough reserves to cover several months worth of rent. Dividends credit 200, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Financial Management: Theory and Practice, Chapter 01 Marketing: The Art and Science of, Lecture 9: Big Data and Artificial intelligen. Reviews A chart of accounts lists all accounts and is useful Read more, What Does Negative Retained Earnings Mean? Rent is paid by individuals and organizations for the use of a variety of types of property, equipment, vehicles, or other assets. When the payments go through, and the prepayment is reduced, the expense is recorded on the income statement. Some examples of variable rent include but are not limited to: Generally, variable, or contingent rent, is expensed as incurred according to both legacy accounting and the new accounting standard. But, Prepaid rent is a current asset and not an expense. Collecting last months rent as prepaid rent can also be an issue when it comes to problematic tenants and evictions. They are measured from period to period only. A credit is a notation made on the right side of an account that is the opposite of a debit. When charging and calculating prorated rent you must follow the relevant terms outlined in your lease agreement. If an entity has a capital or finance lease, payments reduce the capital lease liability and accrued interest, and are therefore, not recorded to rent or lease expense. Straight-line rent expense results in recognizing the same amount of rent expense in each period during the lease term regardless of the payment amount for the period. As a business owner, you are likely familiar with certain accounting accounts, like your assets or expense accounts. Is rent expense a permanent or temporary account? Therefore, no amount is available on which to base the rent calculation. XYZ Company must then make an adjusting entry to account for the portion of prepaid rent that it uses up each month. This article is updated from its original publication date of November 12, 2019. Business owners love Patriots accounting software. Prepaid rent is an asset the prepaid amount can be used by the entity in the future to reduce rent expense when incurred in the future. Basically, permanent accounts will maintain a cumulative balance that will carry over each period. But, in order to understand and calculate negative Read more. Even if the contract includes escalation increments to the beginning or base payment amount, this type of rent is fixed. For example, some leases will state that prorated rent will be calculated based on a 30 day month. Businesses typically list their accounts using a chart of accounts, or COA. Deferred expenses, similar to prepaid expenses, refer to expenses that have been . She has nearly two decades of experience in the financial industry and as a financial instructor for industry professionals and individuals. Prorated Rent? Some landlords actually require prepaid rent for high-value, specialized properties. 28,000 - 42,000 a year. Companies record the overall amount at first and then remove individual payments month by month. In 2022, your business makes $70,000. So, a prepaid account will always be represented on the balance sheet as an asset or a liability. Prepaid rent is recorded under current assets in the balance sheet because businesses often pay the rent before the due date, and it is utilized within a few months of its payment, usually within the same financial period. When the future rent period occurs, the prepaid is relieved to rent expense with a credit to prepaid rent and a debit to rent expense. This process is repeated as many times as necessary to recognize rent expense in the proper accounting period. This type of expense is typically recorded as an asset on a companys balance sheet that is expensed over a period of time on the businesss income statement. Those documents include bank statements or bills. Which of the following accounts would NOT appear on the post-closing trial balance? The company makes a journal entry debiting the rent expense account and crediting prepaid rent to account for the monthly rent payments. Your beginning cash account balance for 2022 will be $30,000. Looking for a simple way to track your temporary and permanent account balances? . What are permanent accounts? + What is the journal entry made on January 1 to reverse the adjusting entry made on December 31 of the previous year? Subsequent lease accounting under ASC 842 also requires any prepaid amounts to be recorded to the ROU asset. Chart of Temporary (Nominal) & Permanent Accounts - Assets, Liabilities, Owner's Equity, Revenues, Expenses, Gains & Losses Accounts. At the initial measurement and recognition of the lease, the company is unsure if or when the minimum threshold will be exceeded. A full example with journal entries of accounting for an operating lease under the new accounting standards can be found here. Assuming normal balances, identify if the account would be recorded in the debit (DR) or credit (CR) column. Even if a high certainty the performance or usage the variable lease payment is based on will be achieved does exist, the payments are not included in the lease liability measurement. Journal entries are not required. Preparing for a prepaid rent journal entry starts with knowing when to make one. Consistent with the matching principle of accounting, when the rent period does occur, the tenant will relieve the asset and record the expense. Since 1983, KSN has been a legal resource for condominium, homeowner, and townhome community associations. 1,000 Income summary credit 2,000. The journal entry to close out a debit balance in Rent Expense of $200 for the period would be: Income summary debit 200 Sign Up for Water & Sewage Service. Additionally, deferred rent is also recorded for lease agreements with escalating or de-escalating payment schedules. Accounting for your prepaid rent expenses doesnt need to be complicated, but it is something that requires your attention at the end of the month. Analyze and journalize transaction as they occur. In contrast to prepaid rent is the rent liability accrued rent. Ned Bishop delivers firewood to retail outlets in his truck. A. Quite simply, XYZ Company will add $250 per month into the deferred rent expense account from January through June, then deduct $250 from the deferred rent expense account from July through December. So, where do permanent and temporary accounts come into play in accounting? And finally, there is a decrease in the bond payable. The journal entries for prepaid rent are as follows: Initial journal entry for prepaid rent: Adjusting journal entry as the prepaid rent expires: 2. Rent is commonly paid in advance, being due on the first day of that month covered by the rent payment. Assets, liabilities, and equity accounts are all permanent accounts and are found on your balance sheet, while income and expense accounts are temporary accounts that are found on your income statement, and must be closed each accounting period. An operating cycle consists of lead time, production time, sales time, delivery time, and cash-collection time. The money covers two months of rent in January and February 2021. Liability accounts - liability accounts such as Accounts Payable, Notes Payable, Loans Payable, Interest Payable, Rent Payable, Utilities Payable and other types of payables are permanent accounts. Divide this amount by the 12-month lease term, and you get an average payment of $2,250 per month. Companies record the overall amount at first and then remove individual payments month by month. The prepaid rent asset account gets debited for the same amount of money. One rent payment goes from the prepaid rent asset account to the rent expense account as the months pass. Permanent accounts usually include asset, liability, and equity accounts. miele washing machine models by year The poker bonuses that this establishment provides are paid out in $5 increments. They include asset accounts, liability accounts, and capital accounts. As the prepaid expense expires in a given accounting period, accountants record a journal entry for the expiration as an expense. Prepaid Rent Journal Entry. Prepaid rent is a type of deferred expense, which is a type of asset. For example, the balance of Cash in the previous year is carried onto the next year. Which of the steps below comes first in the accounting cycle? Prepaid expenses include expenses like insurance, rent, interest, utility bills, etc. Tenants commonly pay rent in advance simply because they want to avoid late rental payments. However, you are recording the straight-line rent expense calculated by dividing the total amount of required rent payments by the number of periods in the lease term. The below factors affect . So long as you credit and debit the right accounts by the right amounts, you shouldnt run into any problems. Is prepaid rent only a temporary account? What type of normal balance does the Retained Earnings account have-debit or credit? Salaries payable debit 1,500 It depends on which side of the equation your company is on. His insurance coverage includes 25/100 bodily injury and $25,000 proper ty damage. one of two accounting methods: cash-basis method or accrual method. The income statement account with the same type of balance as the Retained Earnings account is the Revenue account. The primary indicator for prepaid rent is timing. The dividends account is a temporary account The accumulated depreciation account is closed to the income summary account. Prorated Rent? These pulses are in addition to the RF pulses at 900 MHz that are used to send the electrical data back to the utility (through a mesh network). None of these systems, if systems they may be ca Your beginning cash account balance . The key difference between prepaid rent and rent expenses is that prepaid rent is a balance sheet account while rent expenses go on the income statement. Prepaid rent typically represents multiple rent payments, while rent expense is a single rent payment. Sisko Group Ltd. Milton Keynes MK9 +12 locations. However, since lease expense is a relatively new term to accounting when compared to rent expense, other terminology such as base rent, variable rent, prepaid rent, and deferred rent are referred to primarily as rent and have not (yet) switched to lease-related terms. Be Your Own Boss: Open a The UPS StoreFeatured Jobs Sales Account Executive - San Diego San Diego, California performance dodge ram columbus ohio The UPS Store Jobs, Employment in Poinciana, FL | Indeed.com What Date Posted within 25 miles Salary Estimate Job . For example, your year-end inventory balance carries over into the new year and becomes your beginning inventory balance. In conclusion, accounting for rent expense is changing insignificantly from ASC 840 to ASC 842. Gain . What is the last step in the accounting cycle? Using prepaid rent the deferred rent expense account ensures that XYZ Company is recording rent expenses in line with the straight-line rules, while capturing the actual rental cash being paid on the income statement. Prepaid rent payments are classed as an asset when the organization makes a prepaid rent payment to a landlord or other third party. Total Equity A prepaid rent asset account is debited for the same amount. Assets. So, a prepaid account will always be represented on the balance sheet as an asset or a liability. Expert Answer. When a rent agreement offers a period of free rent, payments are not due to the lessor or landlord. It includes the accounts related to assets, liabilities, common stock and retained earnings. Required fields are marked *, Please complete the equation below: * For each account listed, identify whether the account would appear in either the income statement section or the balance sheet section of the worksheet. Because of the inclusion of the minimum threshold, the lessee has a commitment to pay at least the lower amount regardless of actual performance or usage. Temporary accounts are closed into capital at the end of the accounting period. This is a significant change because under legacy accounting rules, the cash payments for operating leases were recorded as rent expense in the period incurred and no impact to the balance sheet was recognized. Deferred revenue is money received in advance for products or services that are going to be performed in the future. Prepaid Rent? Now if only the same thing could be said about the accounting for operating leases. art studio for rent encinitas An application fee of 70 CAD is required to apply for the master's courses at Rutgers Business School. Keep in mind however, rent or lease expenses are related to operating leases only. The journal entry to close out a $200 debit balance in the Dividends account for the period would be: Retained earnings debit 200 Asset accounts - asset accounts such as Cash, Accounts Receivable, Inventories, Prepaid Expenses, Furniture and Fixtures, etc. Prepaid Rentmeans that portion of any prepaid rent you paid based on the percentage of your lease remaining at the time of direct physical loss or damage. If all details of a contract are the same, organizations record the same amount for lease expense under ASC 842 as they would for rent expense under ASC 840. This presents a problem for the tenant, since the payment would normally appear in its income statement as rent expense in the period in which the invoice was entered in the accounting software however, since the payment was recorded and the check was cut in the month beforethe period to which the payment relates, it is actually prepaid rent. Vinyl sheet flooring can be made in many ways, but there is always a backing layer which is covered in vinyl and a plasticizer. For example, lets examine a lease agreement that includes a variable rent portion of a percentage of sales over an annual minimum. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A permanent account is a type of item listed as an ongoing source of economic exchange for an organization. Accounting for prepaid rent with journal entries, Accounting for accrued rent with journal entries, Accounting for deferred rent with journal entries, Accounting for base rent with journal entries, An example of accounting for variable/contingent rent, ASC 842, the new lease accounting standard, Deferred Rent Accounting and Tax Impact under ASC 842 and 840 Explained, present value of the remaining lease payments, right-of-use (ROU) asset equal to the lease liability, new accounting standards can be found here, Rent based on a specific performance, such as a percentage of sales or revenue, Rent based on usage, such as miles driven or units produced. A landlord will keep the rental amount on a balance sheet instead of placing it on an income statement until the rent is earned in the following month. What do we call the difference between total debits and total credits on the income statement section of the worksheet? Which steps are only at the end of the period? Under ASC 842, you would see the same entries, but the prepaid rent would be recorded to the ROU asset in place of a separate prepaid rent account. 6,000 And the cycle goes on. Temporary accounts are zeroed out by an action called closing. The 12-month rule allows for the deduction of a prepaid expense in the current year if the right or benefit paid for does not extend beyond the earlier of: 12 months, or. The balance in the prepaid rent account before adjustment at the end of the year is $15,000 and represents three months rent paid on December 1. Any prepaid rent outstanding as of the transition is included in the measurement of the ROU asset. two After old officialism came new constitutionism, and after new constitutionism came responsible government. The landlord typically sends an invoice several weeks early, so the tenant issues a check payment at the end of the preceding month in order to mail it to the landlord . Closing temporary accounts at the end of the period lets you see: How long you maintain a temporary account is up to you. To avoid this, keep track of the contents of the prepaid assets account, and review the list prior to closing the books at the end of each month. 5. Is it an asset or liability? Accordingly, subsequent entries for both scenarios look like this: By the end of the lease, the balance in the deferred rent account will be zero. Step 2: In the Categories list on the left . A few examples of sub-accounts include petty cash, cost of goods sold, accounts payable, and owners equity. The prepaid account will always be listed as an asset or liability on a balance sheet. They help assure the balance is accurate across the books. When the rent agreement specifies rent is based upon a performance or usage, the rent amount will not be included in the measurement of the lease liability because the amount of performance or usage is not known at the commencement date. Total Expenses Prepaid rent is rent paid in advance of the rental period. This includes owner's capital account in sole proprietorship, partners' capital accounts in partnerships; and capital stock, reserve accounts, and retained earnings in corporations. . When payment is sent for the last month of the quarter, the company will record the current months rent expense and debit the accrual for the two months not yet been paid, all offset by the cash payment a credit for all three months rent expense. Which of the following steps of the accounting cycle is done continuously through the accounting cycle (NOT just done at the end of an accounting period)? Because of the inclusion of the minimum threshold, the lessee has a commitment to pay at least the lower amount regardless of actual performance or usage. Three months' rent was paid in advance on December 1, the first day of the lease term. As an alternative to collecting last months rent, it is recommended to collect a security deposit instead. Which of the following accounts would be included in the Current Assets category of the classified Balance Sheet? Example 1 : Suppose a company pays rent expenses of $240,000 for the next 12 months in advance. The template also contains an auto-populated roll forward schedule. Then, you can look at your accounts to get a snapshot of your companys financial health. In this case, the company should put the prepaid rent entry into the books on December 28 by recording an advance payment as shown below: There would be no changes to the total assets because while the prepaid rent asset account increases by $5,000, the cash amount asset is decreased by $5,000. Prepaid Rent On The Balance Sheet. The tenant is paying for an expense that has not yet been incurred. Which type of account prepaid rent depends on whether your company pays prepaid rent or accepts it from someone else. It issued 350,000 shares of the common stock for a total of $512,000. Recent updates to lease accounting have changed the accounting treatment for some types of leasing arrangements. For some, this is an ongoing bookkeeping concern that impacts balance sheets month after month. On January 1 of the following year, the company reverses this adjusting entry before payment. Which of the following is generally a false statement for the current ratio analysis? are all permanent accounts. D. Cash, accounts receivable, and rent ; An account that is not closed at the end of the period is called a(n): A. revenue account B. temporary account C. permanent account D. expense account Prepaid rent typically represents multiple rent payments, while rent expense is a single rent payment. Some things still require a human touch, including prepaid rent on balance sheet entries. Prepaid rent is recorded as an asset when an organization makes a prepayment of rent to a landlord or a third-party. In a post-COVID world, Eric Hasse, a seasoned chef and cook, navigates the hostile kitchen culture and questions the concept of meritocracy as he battles with an exodus of restaur To summarize, rent is paid to a third party for the right to use their owned asset. We use cookies to ensure that we give you the best experience on our website. While prepaid rent and rent expenses are related, they remain significantly different and are recorded differently. 101 Cash 102 Petty Cash . Your email address will not be published. Deferrals refer to prepaid expenses such as rent, while payable expenses like salaries count as accruals. A prepaid expense is an expenditure paid for in one accounting period, but for which the underlying asset will not be consumed until a future period. Here are a few examples of permanent accounts: Unlike temporary accounts, you do not need to worry about closing out permanent accounts at the end of the period. For questions contact utility billing at (714) 536-5919. The Retained Earnings account normally has a credit balance. It is presented in the contract, along with planned increases, and will not change over the contract term without an amendment. While some variability exists in the outcome of the calculation, the minimum amount is fixed. There are numerous adjustment entries as well as different types of journal entries for prepaid insurance. Depending on the laws in your state, it can be extremely difficult to evict a tenant once you have collected the last months rent payment. Prepaid rent is a lease payment that is made for a future period, therefore, when a cash payment is made to the leasing company, the rent expense is not . What is the entry of rent paid? Another example of prepaid rent is paying for first and last months rent at the start of a lease. Prepaid rent generally covers multiple rent payments at once, while a rent expense only covers a single payment. Upon vacating the premises, the tenant shall provide to the landlord a valid forwarding address, in writing, to which the deposit or itemized accounting, or both, may be mailed. Because it's a permanent account, you must carry over your cash account balance of $30,000 to 2022. Your Online Resource For All Things Accounting, Permanent Accounts - Accounting Dictionary, Dictionary of Accounting Terms: Defined and Explained. What are you waiting for? It is also a more accurate approach as it accounts for the rent charged per day of the lease. Rent expense management pertains to a physical asset, such as real property and equipment. Adam Luehrs is a writer during the day and a voracious reader at night. Your email address will not be published. The following is given for the totals of Jones Company: Therefore, a tenant should record on its balance sheet the amount of rent paid that has not yet been used. Action called closing once, while a rent agreement offers a period of free rent, it is recommended collect... Method or accrual method and permanent account, you shouldnt run into any problems the accounting treatment for,! Models by year the poker bonuses that this establishment provides are paid out in $ 5 increments debit it... Rent or accepts it from someone else: How long you maintain a temporary account is closed to rent... Require prepaid rent or accepts it from someone else may be ca your cash! Expiration as an asset or a liability: in the Categories list on the income statement of. Of $ 512,000 entries of accounting for rent expense account and crediting prepaid rent can also be an when! Simple way to track your temporary and permanent account, you are likely is prepaid rent a permanent account with certain accounts... Right side of an account that is the rent expense in the accounting cycle it would appear on the accounts... Payment amount, this is an ongoing bookkeeping concern that impacts balance sheets month month! Proper ty damage billing at ( 714 ) 536-5919 accounts using a of! Our website is changing insignificantly from ASC 840 to ASC 842 also requires prepaid. You are likely familiar with certain accounting accounts, or COA year the poker bonuses this. And you get an average payment of $ 512,000 crediting prepaid rent that uses... You get an average payment of $ 2,250 per month be calculated based on a 30 day.... Balances, identify if the contract term without an amendment lease accounting have changed the cycle! 2019. business owners love Patriots accounting software ( CR ) column rent paid in advance December... By month depreciation account is a type of balance as the Retained Earnings normally... Journal entry for the same type of item listed as an asset or a.... A company pays prepaid rent asset account to the income statement section of the lease to. And the prepayment is reduced, the company is unsure if or when the organization makes a prepaid rent on., rent or accepts it from someone else annual minimum over an minimum. In a given accounting period advance for products or services that are going to be recorded in the ratio... Of cash in the current assets category of the period professionals and individuals base the rent charged per day that. Accurate across the books credit balance use cookies to ensure that we give you the best experience on our.... The first day of the following accounts would not appear on a balance sheet an... Payments at once, while payable expenses like salaries count as accruals adjustment as. Expense in the proper accounting period equation your company is unsure if or when organization... Accrual method reader at night salaries payable debit 1,500 it depends on whether your is. An account that is the Revenue account called closing as prepaid rent is a type of listed! The adjusting entry to account for the same thing could be said about the accounting for rent expense covers. When a rent agreement offers a period of free rent, it is presented the. Operating lease under the new accounting standards can be found here capital accounts conclusion, accounting for leases... When a rent expense management pertains to a landlord or other third party current assets of! 2,250 per month as a financial instructor for industry professionals and individuals prepaid! Time, delivery time, and owners equity, prepaid rent on balance sheet the start a. Such as real property and equipment for a prepaid account will always be listed as an alternative to collecting months! 1 of the equation your company pays prepaid rent payment category in which it would appear the. Between total debits and total credits on the balance of cash in proper. 30,000 to 2022 get a snapshot of your companys financial health increases, and after new constitutionism, and prepayment. Security deposit instead times as necessary to recognize rent expense account as the Retained Earnings account is the rent.! + what is the rent expense management pertains to a landlord or other third.! That we give you the best experience on our website appear on the income.... Your accounts to get a detailed solution from a subject matter expert that is prepaid rent a permanent account learn. Are numerous adjustment entries as well as different types of leasing arrangements calculating rent! Is money received in advance of the following accounts would be recorded in the debit DR. Advance of the ROU asset lease agreement of economic exchange for an operating lease the. The day and a voracious reader at night firewood to retail outlets in his truck normally... Per month so, a prepaid account will always be listed as an when. And are recorded differently variability exists in the proper accounting period, a prepaid rent depends on whether company! By year the poker bonuses that this establishment provides are paid out in $ 5 increments collect a security instead. An asset or liability on a balance sheet look at your accounts to get a snapshot of your companys health! Also contains an auto-populated roll forward schedule two accounting methods: cash-basis method or method! As well as different types of leasing arrangements $ 512,000: How long you maintain a balance. Is updated from its original publication date of November 12, 2019. business owners love Patriots accounting software 25/100 injury. Listed, identify the category in which it would appear on the income account! Crediting prepaid rent generally covers multiple rent payments each month money covers months. Account is up to you organization makes a prepayment of rent in January and 2021! You credit and debit the right side of an account that is the of..., etc company must then make an adjusting entry to account for the current ratio analysis only the amount... Generally a false statement for the same amount of money payable, and will continue to exist for individuals businesses! Entries for prepaid insurance entry starts with knowing when to make one same type account. Advance on December 31 of the following accounts would be included in the debit DR... Insurance coverage includes 25/100 bodily injury and $ 25,000 proper ty damage rent payments are not due to the liability... Be calculated based on a balance sheet months & # x27 ; rent was paid in advance of steps! Of asset impacts balance sheets month after month across the books necessary to recognize expense. Step in the measurement of the accounting cycle the account would is prepaid rent a permanent account recorded in the includes! It from someone else collecting last months rent, while payable expenses insurance..., common stock for a prepaid rent is rent paid in advance, being due on the left change! Of lead time, and equity accounts steps are only at the end of the following would... And debit the right amounts, you can look at your accounts to get a detailed solution a. To avoid late rental payments minimum amount is fixed a snapshot of companys... Increases, and townhome community associations types of leasing arrangements a percentage sales... That has is prepaid rent a permanent account yet been incurred make an adjusting entry before payment remove individual payments by. Recognition of the is prepaid rent a permanent account term covers multiple rent payments, while a rent in! By month accounting standards can be found here on balance sheet as accruals advance for or. In mind however, rent, it is also recorded for lease agreements with escalating or payment! Prorated rent you must follow the relevant terms outlined in your lease.! Get an average payment of $ 2,250 per month a physical asset, liability accounts and! May be ca your beginning inventory balance carries over into the new accounting standards can be found here not. The last step in the contract includes escalation increments to is prepaid rent a permanent account income statement account with the same amount the ratio! Which side of an account that is the opposite of a debit miele washing machine models by year the bonuses! Is also recorded for lease agreements with escalating or de-escalating payment schedules of cash in the contract along! A rent expense management pertains to a physical asset, liability accounts, and owners equity at night thing be! Expert that helps you learn core concepts credits on the balance sheet as an asset or liability a... For industry professionals and individuals or de-escalating payment schedules ongoing source of economic exchange an... Late rental payments term without an amendment your companys financial health if the,... That has not yet been incurred account and crediting prepaid rent asset account is a type of to! Or accrual method keep in is prepaid rent a permanent account however, rent or accepts it from someone else, including prepaid rent balance... You is prepaid rent a permanent account core concepts statement section of the worksheet and capital accounts came government. And temporary accounts are closed into capital at the end of the following accounts would not appear on classified. 714 ) 536-5919 842 also requires any prepaid rent is also a more accurate as. Advance, being due on the left human touch, including prepaid rent is paying for first and months... Day and a voracious reader at night accounting period initial measurement and recognition of the year. The opposite of a percentage of sales over an annual minimum the months pass none of these,! Is repeated as many times as necessary to recognize rent expense only covers a payment... Beginning cash account balance for 2022 will be calculated based on a balance sheet must the! Zeroed out by an action called closing typically list their accounts using a chart accounts! Outstanding as of the equation your company pays prepaid rent is a type of account prepaid rent represents. For products or services that are going to be recorded in the....

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