USA Vacation Condo Rental Mgmt Company


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Starting a small business. We collect rent $$ from the renter on behalf of the condo owner. We keep a percentage of the rent as revenue for the business and the balance is given to the condo owner after the renter checks out.

Question: Are the funds or proceeds that belong to the condo owner located on the balance sheet as a liability? What should the account be called?

Any info is much appreciated - Thx
 
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