Question

Is advanced rent received an asset or a liability? Explain. (3m)

Answer 1

Answer:

It is also known as Unearned Income and is received before the related benefits are provided. This revenue is not related to the current accounting period, for example, Rent received in advance, Commission received in advance, etc. It is a personal account and shown on the liability side of a balance sheet.

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Answer 2

Answer:

its a liability.

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