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Is prepaid rent income?
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Hello, Through out college, I understood that prepaid rent is a liability for an accrual-basis taxpayers and income for cash-basis taxpayers. However, in a CPA course review, it states that "Prepaid rent is income when received even for an accrual-basis taxpayer". Please clarify. Thanks,...
Prepaid Rent and Unearned Rent
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What is the difference between Prepaid rent & unearned rent? Is this the same. And if in the Trial balance the account name is Unearned rent, then can we put in the liabilities side as Prepaid rent?
Landlord will not return prepaid rent in CA
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I relocated to CA and signed a lease from out-of-state. The lease ran six-months and then automatically converted to month-to-month. On Feb 7, my landlord gave notice that rent would increase effective Mar 7. We elected to move out and gave notice (the only condition the lease specified for...
Thread for CaptainForest re Prepaid Rent
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You're clearly the most learned and/or the most helpful poster on these boards... I became a member to ask you this simple question regarding adjustments: Company X has rented its showroom and office space from Z at 7,000 per month for the last 3 years. The rent for January, 2007, was paid in... View more questions Search
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