0
Is unearned revenue recorded on the balance sheet or the income statement?
Wiki User
∙ 12y ago
unearned income is to be shown as a liability in balance sheet until the commitment for such receipt is satisfied.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Where does unearned service revenue go on a multiple step income statement?
unearned service revenue is on the balance sheet not the income statement so the answer is nowhere. service revenue is on the income statement under revenues.
What financial statement would unearned revenue appear?
balance sheet
Does unearned revenue go in the income statement?
No, it goes on the balance sheet as a liability.
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 a credit balance?
Yes, Unearned revenue has credit balance and it is liability for business until it is actually earned.
Where does unearned service revenue go on a multiple step income statement?
unearned service revenue is on the balance sheet not the income statement so the answer is nowhere. service revenue is on the income statement under revenues.
What financial statement would unearned revenue appear?
balance sheet
Does unearned revenue go in the income statement?
No, it goes on the balance sheet as a liability.
Do you record unearned revenue on your income statement?
Debit to Cash (asset) Credit to Unearned Revenue (Liability)
Do you report unearned revenue on the income statement?
Unearned revenue is liability for business as amount is received but services are not provided that's why it is liability until it is earned and shown in balance sheet.
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!)
Will unearned revenue be shown both in liabilities and income statement of the year in which we received the income?
Unearned revenue is only shown in the liability side of balance sheet and it is only shown in income statement when it is actually earned until then it will only shown in balance sheet as liability
Is unearned revenue a credit balance?
Yes, Unearned revenue has credit balance and it is liability for business until it is actually earned.
Unearned revenue is reported in the financial statement as what?
How do you reported unearned janitorial revenue in the financial statements
What type of revenue is reported in the other income section of the multiple step income statement?
unearned service revenue is on the balance sheet not the income statement so the answer is nowhere. service revenue is on the income statement under revenues. unearned service revenue is on the balance sheet not the income statement so the answer is nowhere. service revenue is on the income statement under revenues Looking after a customer, particularly a customer who places allot of business with you so that you keep and grow that business and the relationship you have with the customer (to stop them going
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).
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
