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Prepaid Insurance
An asset account that represents insurance premiums paid in advance, which are expensed over the period the insurance coverage relates to.
Expense Incurred
Costs that a company recognizes and records on its financial statements for accounting periods in which they were incurred.
Unearned Rent Revenue
Income received from tenants for periods of occupancy that have not yet occurred, classified as a liability until earned.
Rent Revenue
Income earned from leasing out property or other assets to others.
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