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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.
What type of account is unearned service revenue?
Unearned Service Revenue is a Liability account.
Is deferred revenue an asset?
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
Would service revenue appear on the balance sheet?
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).
What is the accounting double entry when service is provided for a prepaid account?
When your customers pays you in advance, you'd: Dr Cash xxx Cr Unearned service revenue xxx (liability item in balance sheet) When you've provided the service, you'd Dr Unearned service revenue xxx Cr Service revenue xxx (revenue item in income statement)
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.
What type of account is unearned service revenue?
Unearned Service Revenue is a Liability account.
What type of account is unearned revenue?
Unearned Service Revenue is a Liability account.
Is deferred revenue an asset?
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
Would service revenue appear on the balance sheet?
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).
What is a liability for amounts received from customers before a company delivers a product or service?
Unearned Revenue :)
What is the accounting double entry when service is provided for a prepaid account?
When your customers pays you in advance, you'd: Dr Cash xxx Cr Unearned service revenue xxx (liability item in balance sheet) When you've provided the service, you'd Dr Unearned service revenue xxx Cr Service revenue xxx (revenue item in income statement)
What are examples of liability account?
A liability account is anything the company owes. Accounts Payable, Notes Payable, these are two examples of a liability account. Unearned Revenue is another example of a liability account. Unearned revenue is revenue a company has received but has not yet fulfilled their obligation to the customer. Because the company is now liable for either providing the product (or service) to the customer or refunding the money paid by said customer, it is a liability account until all obligations are fulfilled.
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Is deferred revenue a current liability?
Yes, deferred revenue is a current liability. It means that the revenue has yet to be earned, therefore it is still owed to the business or company.
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
A liability revenue relationship exists with?
unearned revenue adjusting entries
