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No. It's a liability account.
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Is unearned revenue an asset or a liablity?
asset
Do unearned fees go into an income statement?
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
Is unearned fees revenue an asset?
yes
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
An example of an asset account?
unearned rent
Is unearned revenue an asset or a liablity?
asset
Do unearned fees go into an income statement?
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
Is unearned fees revenue an asset?
yes
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
An example of an asset account?
unearned rent
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is delivery equipment a contra asset account?
No, it is not a contra asset account. By definition, a contra asset account is an account which typically carries a credit balance and is used to accumulate amounts that are reductions of assets. Two common contra asset accounts are Allowance for Uncollectible Accounts Receivable and Accumulated Depreciation. If the delivery equipment is owned by your company then it should be considered an asset.
Allowance for doubtful accounts is what type of account?
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit.
Is a contra account a debit or credit account?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
Which one of the fixed asset accounts will not have a related contra asset account?
land
Is accumulated depreciation an owner's equity account?
No. It is a contra asset account
Is a contra account a debit or a credit?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
