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    Tova Coleman's Avatar
    Tova Coleman Posts: 1, Reputation: 1
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    #1

    May 3, 2012, 04:18 PM
    Is rent for a month an asset
    I'm trying to buy a list in categories. Which are asset or liabilities and which one is cash inflows and cash outflows?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    May 3, 2012, 04:28 PM
    It depends on the situation.
    If you paid for rent in advance then it is known as Prepaid rent, which is an asst.

    If you paid for rent when it was due then it is an expense.

    If somebody pays you rent when it is due then it is known as rent revenue.

    If somebody pays you rent in advance it is a Liability.
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