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balance sheet
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∙ 15y ago
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Would service revenue appear on the balance sheet?
Service revenue will appear on the income statement as a revenue account. It will indirectly effect the balance sheet in that it will be accompanied by an increase in either cash, accounts receivable, unbilled revenue (assets) or a decrease in unearned revenue (liability).
What Pairs of accounts could not appear in the same adjusting entry?
service revenue and unearned revenue
Where does the unearned fees appear?
Unearned Fees appear on the
What two classifications appear on the income statement?
revenue and expenses
Are sales on a post closing trial balance?
No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
Would service revenue appear on the balance sheet?
Service revenue will appear on the income statement as a revenue account. It will indirectly effect the balance sheet in that it will be accompanied by an increase in either cash, accounts receivable, unbilled revenue (assets) or a decrease in unearned revenue (liability).
What Pairs of accounts could not appear in the same adjusting entry?
service revenue and unearned revenue
Where does the unearned fees appear?
Unearned Fees appear on the
What two classifications appear on the income statement?
revenue and expenses
Where on the income statement can you find fixed assets?
Fixed assets do not appear on the income statement. They are shown on the balance sheet (statement of financial position).
Which of the following accounts would appear in the balance sheet credit column a Prepaid insurance b Buildings c Unearned service revenue d Service revenue?
Unearned services revenue is the amount which is already received by company from client but the actual services has not been provided yet by the company so it means that this amount is not yet earned by company so it is the liability of company hence it will be shown in credit or liability side of balance sheet.
Where does utilities expense appear on the financial statement?
It typically falls on the income statement under general and administrative expenses.
If Hess Enterprises purchased a building for 2000000 in 1997 and in 2010 an independent appraiser assessed the value at 4400000 At what amount should the building appear on the financial statement?
If Hess Enterprises purchased a building for 2000000 in 1997 and in 2010 an independent appraiser assessed the value at 4400000 At what amount should the building appear on the financial statement?
Are sales on a post closing trial balance?
No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
Are cash sales an asset?
The cash derived from the sales would be the asset. While the term "cash sales" (as opposed to credit sales) may appear on an income statement or a cash flow statement in the plus column, the cash received would appear as an asset on the balance sheet or financial statement.
Where would unearned rent appear on the landlord's balance sheet?
In the current liability section of the balance sheet.
Can '000 be used to abbreviate thousand in financial accounts?
Yes, 000 is a common abbreviation in a financial statement to represent thousands, but it would not contain an apostrophe. The abbreviation would appear like 000 USD.
