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What is A liability created when cash is received in advance of performing a service for a customer?
The only real liability is if the service is not rendered. If that happens money has been received with nothing in return. The one getting the service can have charges reversed if they choose and in most cases have up to 6 mos to do it. They can also have an option of placing a mechanics lean against yo and the company.
How do you book advance rent with current Invoice?
Party A/c Dr. To Adv. Rent Received To Rent Received To Output Service Tax
Role of a cost accountant in service industry?
business accounting
Is a cash advance received from customer considered cash?
Yes, a cash advance received from a customer is considered cash. It represents a payment that the business has received in advance for goods or services that will be delivered later. This amount is typically recorded as a liability on the balance sheet until the service or product is provided, at which point it is recognized as revenue. However, for cash flow purposes, it is treated as cash since it increases the cash balance.
When a product or service is delivered for which a customer advance has been previously received what is the appropriate journal entry?
[Debit] Unearned revenue [Credit] Sales revenue
What is A liability created when cash is received in advance of performing a service for a customer?
The only real liability is if the service is not rendered. If that happens money has been received with nothing in return. The one getting the service can have charges reversed if they choose and in most cases have up to 6 mos to do it. They can also have an option of placing a mechanics lean against yo and the company.
How do you book advance rent with current Invoice?
Party A/c Dr. To Adv. Rent Received To Rent Received To Output Service Tax
Is payment required in advance for the service?
Yes, payment is required in advance for the service.
Can I pay in advance for the service you are offering?
Yes, you can pay in advance for the service being offered.
Role of a cost accountant in service industry?
business accounting
Is a cash advance received from customer considered cash?
Yes, a cash advance received from a customer is considered cash. It represents a payment that the business has received in advance for goods or services that will be delivered later. This amount is typically recorded as a liability on the balance sheet until the service or product is provided, at which point it is recognized as revenue. However, for cash flow purposes, it is treated as cash since it increases the cash balance.
When a product or service is delivered for which a customer advance has been previously received what is the appropriate journal entry?
[Debit] Unearned revenue [Credit] Sales revenue
Can you give me examples of unearned service revenue journal entries?
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.
What is a BAS accountant in New Zealand?
Chartered Accountant providing Business Accounting Service as an employer of an Accounting firm to one or more clients.
Is deferred revenue an asset?
Deferred revenue is recognized when cash received in advance for product or service that not delivered or rendered, so it's liability, once service fulfilled or product received Revenue Would be recognized Deferred revenue also Known as unearned revenue
What is a service company in performing arts?
A service company in the performing arts is an organisation or business that supplies the amenities for a production company to showcase live or recorded entertainment.
What kind of service is Paycheck Advance?
Paycheck Advance is a service that allows one to get money in advance, prior to receiving their money from their employment. It charges a set percentage to lend the money before the paycheck is given.
