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Fees earned is considered a revenue account rather than an asset or liability. It represents income that a business has generated from its operations, indicating that services have been provided or products sold. While it contributes to the overall equity of the business, it is not classified as an asset or a liability on the balance sheet.
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In accounting What is the difference between unearned fees and fees earned?
One is a liability and the other an asset.
Is fees earned an asset?
The Fees Earned account is most commonly used in the services industry, where it contains billings for such services as tax consulting, auditing fees, and general consulting.
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Is interest received in advance considered asset or liability?
Interest received in advance is liability of business till the time it is actually earned by business.
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!)
In accounting What is the difference between unearned fees and fees earned?
One is a liability and the other an asset.
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
Is fees earned an asset?
The Fees Earned account is most commonly used in the services industry, where it contains billings for such services as tax consulting, auditing fees, and general consulting.
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Is interest received in advance considered asset or liability?
Interest received in advance is liability of business till the time it is actually earned by business.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
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!)
Is asset or liability?
asset
Are fees earned a liability?
as a customer fee is my expense so its goes under nominal a/c
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
Is rent income a asset liability or owners equity?
asset liability
Is equipment an asset or liability?
Asset
