Glory Unearned Rent Balance Sheet

Unearned Revenue is a Liability on the Balance Sheet. Lease transaction information can be recorded more than one way on a balance sheet so knowing the lease circumstances is critical to accurate reporting. A balance sheet is a financial statement that reports a companys assets liabilities and shareholders equity at a specific point in time.

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The correct answer is b.

Unearned rent balance sheet. A debit to Wages Payable and a credit to Wages ExpenseC. The balance sheet approach for unearned revenue was presented earlier in this chapter and is represented at left below. Unearned Revenue Reporting Requirements.

The normal balance of unearned rent is typically a liability credit entry. Unearned revenue is a liability for the recipient of the payment so the initial entry is a debit to the cash account and a credit to the unearned revenue account. Unearned revenue is usually disclosed as a current liability on a companys balance sheet.

Unearned rent journal entry. In such cases the unearned revenue will appear as a long-term liability on the balance sheet. Unearned revenue is also referred to as deferred revenue and advance payments.

For Teachers for Schools for Working Scholars. Hence unearned revenue would be recorded under short term liabilities alongside trade payables. In this journal entry both assets and liabilities on the balance sheet increase by the same amount.

Unearned Rent Revenue -- report on the balance sheet as a liability probably current for future occupancy owed. The accounts and balances shown below were gathered from Paynter Corporations trial balance on December 31 2021. Tenants balance sheets will often have a prepaid rent asset account and rarely an unearned rent liability account.

At right is the income statement approach for the same facts. This changes if advance payments are made for services or goods due to be provided 12 months or more after. A debit to Accounts.

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