sales revenue is owner's equity
Debit to Cash (asset) Credit to Unearned Revenue (Liability)
Deferred revenue is recognized when cash received in advance for product or service that not delivered or rendered, so it's liability, once service fulfilled or product received Revenue Would be recognized Deferred revenue also Known as unearned revenue
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
No. It's a liability account.
Unearned Service Revenue is a Liability account.
Interest income is part of revenue.
Revenue is income statement item and not a balance sheet item. Cash earned through revenue is a business asset not revenue.
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
There are Five heads of Accounts: Asset, Expense, Liability, Capital, Revenue.
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
No, it is an owner's equity account.
No it is a current liability and is not included in the Income Statement, as other revenues would be.
It is a liability and refundable to the customer if the merchant fails to deliver the good or service on time.
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Building is an asset of business by utilizing which company earns revenue to pay all liabilities and owner's capital.
yes It is an Asset, not a Liability.
It is an asset