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When cash is received in advance of performing a service the accountant?
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∙ 11y ago
Unearned Revenue
Wiki User
∙ 11y ago
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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
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 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
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.
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
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No. Your insurance cannot actually be billed for a service prior to a service being received. However, your doctor can, and may even be required to submit, an advance referral, or request for a procedure to see in order for the service to be covered. If your doctor is billing your insurance in advance of services, and you cancel an appointment or procedure your insurance should not have to pay. However, many doctors due chage a "missed appointment" fee, which you personally have to pay for. Since many people have limited coverage, billing insurance for services and procedures never received is a problem. You may also end up getting billed for a co-pay or deductible for a service you never received.
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