How do you reported unearned janitorial revenue in the financial statements
A liability.
balance sheet
The keyword is "Unearned", because it is unearned it is a liability until after it is earned and is listed as such. Therefore, Unearned Revenue will be listed on financial statements that include "Liabilities".
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.
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 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
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?
No, it goes on the balance sheet as a liability.
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.
Unearned Revenue is a Liability Account
credit to unearned revenue
Unearned Revenue is a liability account.