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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.
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The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Examples of personal liability exposures and how they give rise to legal liability?
examples of joint,several and individual liability of partnership firm
How Do You Decrease A Liability Account?
By paying the liability in part or in full.
How do you increase a liability?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
What type of account is unearned rent?
Liability account.
What are examples of accounts?
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.
What is a liability account?
Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.
Is a cheque account an asset or liability?
It comes under liability
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Examples of personal liability exposures and how they give rise to legal liability?
examples of joint,several and individual liability of partnership firm
How Do You Decrease A Liability Account?
By paying the liability in part or in full.
How do you increase a liability?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
What type of account is unearned rent?
Liability account.
What type of an account is account payable?
balance sheet account liability
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is provision for depreciation is current liability?
NO, it is not a liability it is a con-tra account
How do you record an increase in a liability account?
Any increase is an credit for a liability
