The account title used for recording the payment of rent in advance for an office building is ________.

Question

Quizplus · Accepted Answer

Prepaid rent is the account title used to record the payment of rent in advance, as it represents rent paid for a future period that has not yet been incurred as an expense. Rent payable represents rent that has been incurred but not yet paid, rent revenue represents rent earned by the business for renting out its property, and rent expense represents the cost of renting property for the current period.

The Account Title Used for Recording the Payment of Rent