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Prepaid revenue balance sheet. Accrued Income is to be. So a prepaid account will always be represented on the balance sheet as an asset or. Prepaid rent is a balance sheet account and rent expense is an income statement account.
They are considered Liabilities on a balance sheet. The amount that has not been expensed as of the balance sheet date will be reported as a current asset. I agree that the balance sheets should show the accued income as a debit and the prepaid income as a credit which contradites the two questions in the revision manual and the study manual.
Generally when a corporation earns revenue there is an increase in current assets cash or accounts receivable and an increase in the retained earnings component of stockholders equity. A company prepaying for an expense is to be recorded as a prepaid asset on the balance sheet and is. Deferred expenses are expenses a company has prepaid.
The study text manual answer has the closing accrual as a debit on the income account which would put it as a credit on the Balance sheet. They are recorded as Assets on a balance sheet. It is considered a liability since the seller has not yet delivered and so it appears on the balance sheet of the seller as a current liability.
Refer to the first example of prepaid rent. Prepaid Expenses Accrued Income and Income Received in Advance Accrued Income. By the end of the year the full 24000 would show as various expenses on the income statement and there would be 0 left in the prepaid expense asset account shown in the current asset section of the balance sheet.
The adjusting entry on January 31 would result in an expense of 10000 rent expense and a decrease in assets of 10000 prepaid rent. Balance sheet projections exercise. A prepaid expense is carried on the balance sheet of an organization as a current asset until it is consumed.
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