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Journal entry for unearned interest income?
[Debit] Cash / bank [Credit] Unearned Interest Income
What is the journal entry for prepaid income?
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.
Journal entry for rent received in advance?
Cash A/C Dr To Rent Received in Advance A/C
Post the journal entry of 1500 unearned rent?
Debit cash /bank 1500Credit Unearned rent 1500
What is the journal entry for payment which is not earned?
debit cash / bankcredit unearned revenue
Journal entry for unearned interest income?
[Debit] Cash / bank [Credit] Unearned Interest Income
Income received in advance journal entry?
income recived a/c dr to unearned income
Journal entry for income received in advance?
Debit customer depositsCredit unearned revenue
What is the journal entry for prepaid income?
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.
Journal entry for rent received in advance?
Cash A/C Dr To Rent Received in Advance A/C
Post the journal entry of 1500 unearned rent?
Debit cash /bank 1500Credit Unearned rent 1500
What is the journal entry for payment which is not earned?
debit cash / bankcredit unearned revenue
What is the journal entry of payment received in advance?
Debit advance cash receivedCredit unearned revenue
How would services related to unearned service revenue were performed look like on general journal?
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.
What is the journal entry for net income?
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
What is the journal entry of cash collected from sale of tickets and recorded as 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
Journal entry for accrued income?
[Debit] Accrued income receivable [Credit] Accrued income
