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The prepaid expense is shown on the assets.
Prepaid assets on balance sheet. At the end of your balance sheet your assets are totaled. If consumed over multiple periods there may be a series of corresponding charges to expense. Prepaid expenses are the money set aside or effectively pre-paid for goods or services before they actually receive.
Property and equipment net. The adjusting entry on January 31 would result in an expense of 10000 rent expense and a decrease in assets. Subcategory Liabilities and stockholders equity.
Prepaid Expenses Versus Accrued Expenses The key difference is that prepaid expenses are reported as a current asset on the balance sheet and accrued expenses as current liabilities. Single Line 1104271 Double Line. Single Line 232931.
These are both asset accounts and do not increase or decrease a companys balance sheet. A prepaid maintenance contract rarely extends beyond one year and qualifies as a current asset. Other Current Asset types include Inventory Accounts Receivable and Cash and Cash Equivalents.
Other current assets are cash and equivalents accounts. A prepaid expense means a company has made an advance payment for goods or services which it will use at a future date. When a company prepays for an expense it is recognized as a prepaid asset on the balance sheet with a simultaneous entry being recorded that reduces the companys cash or payment account by the.
Refer to the first example of prepaid rent. Single Line 1049532 Double Line. The adjusting journal entry for a prepaid expense however does affect both a companys income statement and balance sheet.
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