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In accounting What is the difference between unearned fees and fees earned?
Wiki User
∙ 14y ago
One is a liability and the other an asset.
Wiki User
∙ 14y ago
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What is unearned fees?
These are fees received but not yet earned, such as professional fees from clients. Unearned fees is classified as a current liability on a company's balance sheet, assuming that it will be credited within the normal accounting cycle.
What is difference betweenEarned revenue and unearned revenue?
Earned Revenue = The revenue benefits of which have been provided to customers Unearned Revenue = The amount of which is already received but the corresponding benefits or services have not yet been provided. Example: Amount received to provide repair services next month. So when next month services will be provided that unearned revenue become earned revenue.
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.
Is unearned revenue a credit balance?
Yes, Unearned revenue has credit balance and it is liability for business until it is actually earned.
What is income already earned but not yet collected?
Unearned revenue
Difference between earned and unearned income?
earned income: your paycheck, and salary unearned income: interest on ur savings, interest ;)
What is the difference between financial year and accounting year?
They are the same; in the financial year we earned income.
What is unearned fees?
These are fees received but not yet earned, such as professional fees from clients. Unearned fees is classified as a current liability on a company's balance sheet, assuming that it will be credited within the normal accounting cycle.
If a run scores in baseball on a walk-off error is it earned or unearned?
unearned
What is Earned and unearned income?
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What is unearned income?
Income received but not yet earned, such as rent received in advance or other advances from customers. Unearned income is usually classified as a current liability on a company's balance sheet, assuming that it will be credited to income within the normal accounting cycle.
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 is difference betweenEarned revenue and unearned revenue?
Earned Revenue = The revenue benefits of which have been provided to customers Unearned Revenue = The amount of which is already received but the corresponding benefits or services have not yet been provided. Example: Amount received to provide repair services next month. So when next month services will be provided that unearned revenue become earned revenue.
What is the equation once unearned revenue has been earned?
[Debit] Unearned revenue [Credit] Sales revenue
On which financial statements can you find unearned revenue?
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".
What happens to unearned revenue after work done?
Unearned revenue converted to earned revenue after it is done and delivered to customer.
Are retirement benefits earned or unearned income?
Retirement benefits, such as pension or Social Security payments, are generally considered earned income because they are often a result of a person's work experience and contributions throughout their career.
