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as a customer fee is my expense so its goes under nominal a/c
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In accounting What is the difference between unearned fees and fees earned?
One is a liability and the other an asset.
What is unearned fees?
These are fees received but not yet earned, such as professional fees from clients. Unearned fees is classified as a current liability on a company's balance sheet, assuming that it will be credited within the normal accounting cycle.
Fees earned but not yet received?
fees earned but not yet received is what account
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 fees earned debit or credit?
Fees Earned is an Income and whenever an income increases its credited! So that makes it a credit.
In accounting What is the difference between unearned fees and fees earned?
One is a liability and the other an asset.
What is unearned fees?
These are fees received but not yet earned, such as professional fees from clients. Unearned fees is classified as a current liability on a company's balance sheet, assuming that it will be credited within the normal accounting cycle.
Fees earned but not yet received?
fees earned but not yet received is what account
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 fees earned debit or credit?
Fees Earned is an Income and whenever an income increases its credited! So that makes it a credit.
Are fees earned showed on a balance sheet?
No Fees Earned is Income Statement item it dont show on Balance sheet
Is fees earned a temporary account?
No.
Is fees earned an asset?
The Fees Earned account is most commonly used in the services industry, where it contains billings for such services as tax consulting, auditing fees, and general consulting.
Where does unearned fees appear on the balance sheet?
On the balance sheet as a current liability.
What type of account is unearned fees?
a paper in current assets in liability
What type of account is Fees Earned?
It is under capital which is the account type of Owner's Equity. Fees Earned is under the title Revenue when expanding the ledger.
Is unearned rental income assets?
Actually it is the opposite. If you have received compensation for services, but you have not earned that compensation yet, you incur a liability. That liability represents an obligation to perform those services. As the money is earned, the liability to reduced and you earn revenue.
