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Unearned Service Revenue is a Liability account.
Grayce Weimann
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What type of account is unearned service revenue?
Unearned Service Revenue is a Liability account.
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Unearned revenue is classified as which type of the account?
contra account
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
Unearned revenue account is classified as a?
Unearned revenue account is classified as current liability as it is the revenue not yet earned by business.
What type of account is Unearned revenue and what its normal balance?
Unearned revenue is a liability account. It is revenue that is received in one fiscal period despite the fact that revenue is not earned until another fiscal period. Its normal balance is credit.
Is unearned revenue is nominal account?
Unearned ravenue is liability account as revenue is not yet earned but cash received.
Is unearned revenue nominal account?
no!! =) its a real 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!)
What is the nature of the unearned revenue?
unearned revenue falls under the head of nominal account and it is definaltel a liability on the organization.
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Will unearned revenue be shown in profit or loss account?
NO
