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Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Does a credit to a revenue account increase or decrease an account?
A credit to a revenue account increases the account. In accounting, revenue accounts typically have a normal credit balance, so when a revenue account is credited, it reflects an increase in earnings. Conversely, debiting a revenue account would decrease it.
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 service revenue?
Unearned Service Revenue is a Liability account.
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Does a credit to a revenue account increase or decrease an account?
A credit to a revenue account increases the account. In accounting, revenue accounts typically have a normal credit balance, so when a revenue account is credited, it reflects an increase in earnings. Conversely, debiting a revenue account would decrease it.
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
What do you mean by account title?
An account title refers to the name given to a specific account in financial records or systems. It helps identify and categorize the type of account and its purpose for tracking transactions. For example, common account titles include "Cash," "Accounts Receivable," and "Sales Revenue."
What type of account is unearned revenue?
Unearned Service 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 service revenue?
Unearned Service Revenue is a Liability account.
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
What type of account is the rent receivable account?
Revenue account
Is unearned revenue is nominal account?
Unearned ravenue is liability account as revenue is not yet earned but cash received.
Does a revenue account normally have a debit balance?
No. A revenue account should always show a credit balance.
Is service revenue a revenue account?
Yes, it is, but accounts receivable is not.
