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Is unearned revenue an asset or a liablity?
asset
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 cash considered an asset or revenue?
Revenue
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
Is equipment considered a revenue or asset?
Equipment is an asset for business which is usable in business to generate revenue.
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
When is unearned revenue recognized in the financial statements?
What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements Is a church a company that could have unearned revenue?
