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Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
Unearned Service Revenue is a Liability account.
No, it is an owner's equity account.
A service revenue that is billed but not paid is an account receivable. Account receivables are assets and therefore you would "debit" the account.
debit accounts receivableCredit services revenue
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
Unearned Service Revenue is a Liability account.
Unearned Service Revenue is a Liability account.
Yes, it is, but accounts receivable is not.
No, it is an owner's equity account.
A service revenue that is billed but not paid is an account receivable. Account receivables are assets and therefore you would "debit" the account.
debit accounts receivableCredit services revenue
debit account receivable credit service revenue
If you render a service n account to a customer you debit Account Receivable and credit Service Revenue.
Service revenue will appear on the income statement as a revenue account. It will indirectly effect the balance sheet in that it will be accompanied by an increase in either cash, accounts receivable, unbilled revenue (assets) or a decrease in unearned revenue (liability).
debit accounts receivablecredit services revenue
debit accounts receivablecredit services revenue