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Because it is revenue received but services or goods have not been provided to the customer yet.
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∙ 11y ago
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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 is the entry unearned revenue?
[Debit] Cash / bank [Credit] Unearned 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.
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.
