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debit unearned incomecredit services liability
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
general journal to the general ledger...
[Debit] Cash / bank [Credit] Unearned Interest Income
Revenue journal
debit unearned incomecredit services liability
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
general journal to the general ledger...
Revenue journal
Revenue Journal
[Debit] Cash / bank [Credit] Unearned Interest Income
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.
Debit cash /bank 1500Credit Unearned rent 1500
debit accounts receivablecredit services revenue
income recived a/c dr to unearned income
debit cash / bankcredit unearned revenue
Debit customer depositsCredit unearned revenue