[Debit] Cash / bank
[Credit] Unearned revenue
In the general journal, services related to unearned service revenue would typically be recorded as a debit to the Unearned Service Revenue account and a credit to the Service Revenue account. This entry reflects the recognition of revenue as the service has now been performed. For example, if $1,000 of unearned revenue is earned, the journal entry would be: Debit Unearned Service Revenue $1,000 and Credit Service Revenue $1,000. This entry indicates that the obligation to provide the service has been fulfilled.
service revenue and unearned revenue
The entry for unearned commission typically involves debiting a cash or accounts receivable account and crediting an unearned revenue account. This reflects the receipt of payment for services or sales that have not yet been performed. Once the commission is earned, the unearned revenue account is debited, and the commission revenue account is credited to recognize the income.
debit cash / bankcredit unearned revenue
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
Cash collected from sales of tickets should be charged to sales rather then unearned revenue so the correct entry is as follows: [Debit] Unearned Revenue xxxx [Credit] Sales revenue xxxx
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.
service revenue and unearned revenue
debit cash / bankcredit unearned revenue
Debit customer depositsCredit unearned revenue
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
Unearned Revenue is a Liability Account
Debit advance cash receivedCredit unearned revenue
credit to unearned revenue
Unearned Revenue is a liability account.
That would mean that the liabilities would be understated.
so is it accounts rec of 1500 and credit rent revenue of 1500 or is it 2100 unearned rent and rent revenue 2100 I cannot get this straight