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Give you unearned revenue concept

Wiki User

∙ 13y ago

Best Answer

Unearned Revenue is any "revenue" that a company or business has received but has not yet earned.

I recently ordered a Sharper Image Grill, the company I ordered the grill from has my money, I have paid for this item, but I have not received the item yet. Until they ship the item and I receive it, the money they have gotten from me is "Unearned".

Note: Unearned Income is a Liability to the company until the companies obligations are fulfilled.

Wiki User

∙ 13y ago

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Q: Give you unearned revenue concept

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Unearned revenue is a contra revenue account?

Unearned Revenue is a Liability Account

Unearned revenue is initially recognized with a?

credit to unearned revenue

What kind of account is unearned revenue?

Unearned Revenue is a liability account.

What could be journal entries for unearned revenue?

Initial receipt of unearned revenue from a customer for service to be provided in the future. Recognition of the unearned revenue as the service is performed and earned. Adjustment entry to reflect the portion of unearned revenue that has now been earned.

What type of account is unearned revenue?

Unearned Service Revenue is a Liability account.

What is the entry unearned revenue?

[Debit] Cash / bank [Credit] Unearned revenue

What types of industries have unearned revenue?

Industries that have unearned revenue are nonprofit agencies like UNICEF. Another industry that has unearned revenue is the Internal Revenue Service of the United States.

What is the equation once unearned revenue has been earned?

[Debit] Unearned revenue [Credit] Sales revenue

What is Unearned fees and unearned revenue?

Unearned fee and unearned revenue is that amount which is received from client in advance but actual services are not provided yet to client.

What type of account is unearned service revenue?

Unearned Service Revenue is a Liability account.

What happens to unearned revenue after work done?

Unearned revenue converted to earned revenue after it is done and delivered to customer.

Unearned revenue account is classified as a?

Unearned revenue account is classified as current liability as it is the revenue not yet earned by business.

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