The revenue for which the services have been rendered but the return for the services i.e revenue, is yet to be received from the person to whom we have rendered the services is called unearned service revenue.
Unearned Service Revenue is a Liability account.
unearned service revenue is on the balance sheet not the income statement so the answer is nowhere. service revenue is on the income statement under revenues.
It doesn't. The account appears on the balance sheet; the unearned revenue is presented as part of current liabilities.
service revenue and unearned revenue
Unearned Revenue
Unearned Service Revenue is a Liability account.
Unearned Service Revenue is a Liability account.
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.
Industries that have unearned revenue are nonprofit agencies like UNICEF. Another industry that has unearned revenue is the Internal Revenue Service of the United States.
unearned service revenue is on the balance sheet not the income statement so the answer is nowhere. service revenue is on the income statement under revenues.
It doesn't. The account appears on the balance sheet; the unearned revenue is presented as part of current liabilities.
service revenue and unearned revenue
Unearned Revenue
Unearned Revenue is a Liability Account
Unearned service revenue is that amount which company has received from client in advance but actual goods or service is payable in future like repair and maintenance contract with client etc.
credit to unearned revenue
When your customers pays you in advance, you'd: Dr Cash xxx Cr Unearned service revenue xxx (liability item in balance sheet) When you've provided the service, you'd Dr Unearned service revenue xxx Cr Service revenue xxx (revenue item in income statement)