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unearned revenue adjusting entries
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∙ 12y ago
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Is service revenue an asset or liability?
Services revenue is revenue same as product revenue and it is not an asset or liability of the business.
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Is deferred revenue a current liability?
Yes, deferred revenue is a current liability. It means that the revenue has yet to be earned, therefore it is still owed to the business or company.
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
Is unearned revenue a liability?
yes
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
What type of account is unearned revenue?
Unearned Service Revenue is a Liability account.
Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
When is unearned revenue recognized in the financial statements?
What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements Is a church a company that could have unearned revenue?
What type of account is unearned service revenue?
Unearned Service Revenue is a Liability account.
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.
What is the liability created by receiving the revenue in advance?
Depends on the nature of the revenue received. Usually unearned revenue, customer advances, contract revenue in advance.
