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Example of unearned revenue

Anonymous

∙ 11y ago

Updated: 11/11/2022

Unearned revenue is income that you get without having to work for it. An example of this would be interest from stocks and bonds, dividend payments, or interest earned on a bank account.

Wiki User

∙ 11y ago

What else can I help you with?

An example of deferred revenue is Unearned Rent?

true

Unearned revenue is a contra revenue account?

Unearned Revenue is a Liability Account

Unearned revenue is initially recognized with a?

credit to unearned revenue

An example of deferred revenue is unearned rent True or false?

true

What kind of account is unearned revenue?

Unearned Revenue is a liability account.

What is difference betweenEarned revenue and unearned revenue?

Earned Revenue = The revenue benefits of which have been provided to customers Unearned Revenue = The amount of which is already received but the corresponding benefits or services have not yet been provided. Example: Amount received to provide repair services next month. So when next month services will be provided that unearned revenue become earned revenue.

What could be journal entries for unearned revenue?

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.

What is the entry unearned revenue?

[Debit] Cash / bank [Credit] Unearned revenue

What type of account is unearned revenue?

Unearned Service Revenue is a Liability account.

What types of industries have unearned revenue?

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.

What is the equation once unearned revenue has been earned?

[Debit] Unearned revenue [Credit] Sales revenue

What is Unearned fees and unearned revenue?

Unearned fee and unearned revenue is that amount which is received from client in advance but actual services are not provided yet to client.

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