Ask Experts Questions for FREE Help !
Ask
    rose mae joy's Avatar
    rose mae joy Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 15, 2009, 05:06 PM
    Rent in the amount of 100,000 has expired during the year
    Required to prepare the worksheet
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Sep 15, 2009, 05:35 PM

    It's referring to rent that was paid in advance and has now been "used." Like if you paid your rent three months in advance, at the end of the current month, one month's worth has been used up.

    The portion that is used is expensed. The portion that is left and is yet unused should be in the prepaid rent account.

    The entry depends on how it was originally recorded. If it's in prepaid rent, you take the expired portion out and put it into the expense. If it was originally recorded in the expense account, then the leftover unexpired portion has to be removed and put into the prepaid account. From the way it's worded, I suspect the former.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Injured on property where I rent, my rent is now behind and my lease is expired. [ 9 Answers ]

This is a slightly complicated situation. I live in the state of MO. About 5 months ago I was injured on the property due to the negligence of my landlord and the conditions of the building I live in. The landlord dug a hole in the front yard deeper than I am tall and the steps in the back have no...

Commercial Lease expired 1 year ago [ 2 Answers ]

My California commercial 3 year lease expired one year ago. I have continued paying rent as per the schedule on the old lease. My landlord finally got around to putting together a new lease for my signature. However I'm not liking some of the changes in the new lease and my landlord says sign it...

Either pay the new rent amount or get out in 2 weeks! [ 7 Answers ]

Hello folks, I have been renting a apartment from a women here in hallandale,fla for a little over 4 years now.. it's been a verbal agreement with no written lease on a month to month basis with me paying her 650.00 per month since it started in June 03.. recently,this past Monday she stated that...

Expired 10 year green card [ 1 Answers ]

I know someone who has an expired green card. She has already applied for a new one and sent the money for it. How long does it take now to renew this card? Can she get a job with the expired green card and the letter from the government where it says that they received the money to process her...

View more questions Search