a paper in current assets in liability
It depends
Unearned Service Revenue is a Liability account.
Unearned Fees appear on the
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
Liability account.
It depends
Unearned Service Revenue is a Liability account.
Unearned Service Revenue is a Liability account.
Unearned Fees appear on the
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
Liability account.
contra account
liability, credit
Unearned Revenue is a liability account.
yes
Unearned Revenue is a Liability Account
Unearned fee and unearned revenue is that amount which is received from client in advance but actual services are not provided yet to client.