Rent collected in advance is an example of which of the following?

A. Deferred expense (prepaid expense)
B. Accrued expense
C. Deferred revenue (unearned revenue)
D. Accrued revenue

Question

24-06-2024
Business

Answered

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Rent collected in advance is an example of which of the following?

A. Deferred expense (prepaid expense)
B. Accrued expense
C. Deferred revenue (unearned revenue)
D. Accrued revenue

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-06-24T21:23:43-04:00

Final answer:

Rent collected in advance is an example of deferred revenue.

Explanation:

Rent collected in advance is an example of deferred revenue (unearned revenue). This is because the payment received for rent in advance represents a future obligation to provide the service of renting the property. Upon delivering the service, the income is recognized, and the deferred revenue is then reduced.

Learn more about Deferred revenue here:

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Sagot :

Final answer:

Explanation:

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