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[Debit] Cash / bank
[Credit] Unearned revenue
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∙ 9y ago
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What Pairs of accounts could not appear in the same adjusting entry?
service revenue and unearned revenue
What is the journal entry for payment which is not earned?
debit cash / bankcredit unearned revenue
What is the journal entry for prepaid income?
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
What is the journal entry of payment received in advance?
Debit advance cash receivedCredit unearned revenue
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
What is the journal entry of cash collected from sale of tickets and recorded as unearned revenue?
Cash collected from sales of tickets should be charged to sales rather then unearned revenue so the correct entry is as follows: [Debit] Unearned Revenue xxxx [Credit] Sales revenue xxxx
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 Pairs of accounts could not appear in the same adjusting entry?
service revenue and unearned revenue
What is the journal entry for payment which is not earned?
debit cash / bankcredit unearned revenue
What is the journal entry for prepaid income?
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
Journal entry for income received in advance?
Debit customer depositsCredit unearned revenue
What is the journal entry of payment received in advance?
Debit advance cash receivedCredit unearned revenue
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Unearned revenue is initially recognized with a?
credit to unearned revenue
If an adjusting entry were not made at the end of a period to remove the earned revenue from the unearned revenue account?
That would mean that the liabilities would be understated.
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
When trial balance of unearned rent is Credit 3600 now post entry of unearned rent as of Dec 31 of 1500?
so is it accounts rec of 1500 and credit rent revenue of 1500 or is it 2100 unearned rent and rent revenue 2100 I cannot get this straight
