Asked by
Roangel Maliksi
on Nov 15, 2024
Verified
Unearned Rent is what type of account?
A) Asset
B) Revenue
C) Liability
D) Contra-Asset
Unearned Rent
Income received by a landlord for rent that has not yet been earned because the period of occupancy has not yet occurred.
Liability
A financial obligation or debt that an individual or company owes to another party.
Asset
An economic resource owned or controlled by an entity that is expected to provide future economic benefits.
- Recognize the nature and classification of various accounts (Assets, Liabilities, Revenue, Expenses).
Verified Answer
RF
Learning Objectives
- Recognize the nature and classification of various accounts (Assets, Liabilities, Revenue, Expenses).