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Is unearned fees revenue an asset?
yes
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
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!)
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Is unearned fees revenue an asset?
yes
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
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!)
Is unearned revenue considered an asset?
No it is a current liability and is not included in the Income Statement, as other revenues would be.
Do you record unearned revenue on your income statement?
Debit to Cash (asset) Credit to Unearned Revenue (Liability)
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Unearned revenue is initially recognized with a?
credit to unearned revenue
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
What could be journal entries for unearned revenue?
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.
What type of account is unearned revenue?
Unearned Service Revenue is a Liability account.
What is the entry unearned revenue?
[Debit] Cash / bank [Credit] Unearned revenue
