Asked by: Gurinder Tokarchukreal estate real estate renting and leasing
Is rent receivable due a current asset?
Last Updated: 9th February, 2020
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Likewise, people ask, is rent receivable debit or credit?
To account for rent income you have earned but will collect at a later date, debit the rent receivable account by the portion earned, and credit the rent income account by the same amount. The debit increases the receivables account, which is an asset that shows money your tenant owes.
Beside above, where does rent go on a balance sheet? (Rent that has been paid in advance is shown on the balance sheet in the current asset account Prepaid Rent.) Depending upon the use of the space, Rent Expense could appear on the income statement as part of administrative expenses or selling expenses.
Then, is rent payable a current liability?
Current liabilities include: Trade and other payables – such as Accounts Payable, Notes Payable, Interest Payable, Rent Payable, Accrued Expenses, etc. Example: For long-term loans that are to be paid in annual installments, the portion to be paid next year is considered current liability; the rest, non-current.
Is other receivables a current asset?
Assets that are reported as current assets on a company's balance sheet include: Cash, which includes checking account balances, currency, and undeposited checks from customers (if the checks are not postdated) Other receivables, such as income tax refunds, cash advances to employees, and insurance claims.