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Yes, unearned fees are revenue paid in advance by the customer, but services have not been given yet. (E.G: If you own apartments, and a new family pays you in advance rent for a whole year, that money will only be yours as the months pass by. You as the apartment manager owes the family the service which has been already paid for. If family decides do withdraw from the contract then you owe them their money).
What else can I help you with?
What type of account is unearned fees?
a paper in current assets in liability
In accounting What is the difference between unearned fees and fees earned?
One is a liability and the other an asset.
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.
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!)
Where does the unearned fees appear?
Unearned Fees appear on the
What type of account is unearned fees?
a paper in current assets in liability
In accounting What is the difference between unearned fees and fees earned?
One is a liability and the other an asset.
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.
Where does unearned fees appear on the balance sheet?
On the balance sheet as a current 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!)
Where does the unearned fees appear?
Unearned Fees appear on the
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
Is unearned revenue a liability?
yes
Is unearned commission a liability?
yes
What is the journal entry for unearned income?
debit unearned incomecredit services liability
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
What type of account is unearned revenue?
Unearned Service Revenue is a Liability account.
