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No, it is an owner's equity account.
What else can I help you with?
Is service revenue an asset account?
No, it is an owner's equity account.
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
What account is credited When an enterprise is the recipient of a donated asset?
The revenue account.
What type of account is equipment?
Equipment is a long term asset account available for business to generate economic revenue.
Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is an account receivable a revenue?
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
How do you audit an account?
If it is an asset account, you verify the location of the asset. If it is a transaction account, like accounts receivable, you take a sample, say 100 transactions, and verify amounts and whether or not the revenue has been earned.
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.
Is accrued revenue an asset?
no, its a revenue
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!)
