Unearned services revenue is the amount which is already received by company from client but the actual services has not been provided yet by the company so it means that this amount is not yet earned by company so it is the liability of company hence it will be shown in credit or liability side of balance sheet.
Accounts receivable is that portion of sales which are made on credit and money is agreed to be received in future that;s why accounts receivable is an asset of company and that's why not treated as a liability of company
yes
service revenue and unearned revenue
so is it accounts rec of 1500 and credit rent revenue of 1500 or is it 2100 unearned rent and rent revenue 2100 I cannot get this straight
Which of the following accounts will be closed to the Capital account at the end of the fiscal year?
You do not need to get insurance on your high-yield accounts. The FDIC automatically provides insurance for up to $250,000 on all accounts. You can get insurance but it is usually not need considering the FDIC will cover up to $250,000. You can find coverage though by visiting www.investopedia.com.
Unearned revenue accounts represent the amount of cash received before services are provided. Since services have not been provided yet, it is not revenue. (It represents the obligation for future services in order for the revenue to be earned.)
Unearned rent would likely be included in an accrual adjusting entry.
Insurance companies provide only life insurance facilities to its customers. They do not provide savings accounts facilities to customers. Only banks can provide saving accounts to customers and not insurance companies.
no
Accounts receivable
When purchasing a home with a home loan part of your mortgage payment will go to the equity account. The following would be used with an owner's equity account: paying property taxes and paying homeowners insurance.