Akito has not yet paid the rent on his office for the month. How would this debt be labeled on a balance sheet?

Name: Akito has not yet paid the rent on his office for the month. How would this debt be labeled on a balance sheet?
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Question

Quizplus · Accepted Answer

Rent that has not yet been paid would be classified as "accounts payable" on a balance sheet, as it represents a short-term obligation to pay for goods or services that have been received but not yet paid for.

Akito Has Not Yet Paid the Rent on His Office