debit revenuecredit income statement
Standard closing entries: Close Revenue accounts to Income Summary by debiting Revenue and crediting Income Summary. Close Expense accounts to Income Summary by debiting Income Summary and crediting Expense accounts. Close Income Summary to Capital account by debiting Income Summary and crediting Capital account. Close Withdrawals account to Capital account by debiting Capital account and crediting Withdrawals account.
Unearned Revenue is a Liability Account
Unearned Revenue is a liability account.
Unearned revenue account is classified as current liability as it is the revenue not yet earned by business.
debit revenuecredit income statement
Standard closing entries: Close Revenue accounts to Income Summary by debiting Revenue and crediting Income Summary. Close Expense accounts to Income Summary by debiting Income Summary and crediting Expense accounts. Close Income Summary to Capital account by debiting Income Summary and crediting Capital account. Close Withdrawals account to Capital account by debiting Capital account and crediting Withdrawals account.
Unearned Revenue is a Liability Account
Accrued Revenue is a term that I rarely see, though it is an Asset and should be treated as such. Accrued Revenue would be treated similar to an Account Receivable. The Journal Entry would be a Debit to Accrued Revenue and a Credit to Revenue.
Unearned Revenue is a liability account.
The income summary is also referred to as the revenue summary or the profit and loss statement. It serves as a temporary account used to close revenue and expense accounts at the end of an accounting period.
Unearned Service Revenue is a Liability account.
Unearned revenue account is classified as current liability as it is the revenue not yet earned by business.
Unearned Service Revenue is a Liability account.
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Revenue account
Unearned ravenue is liability account as revenue is not yet earned but cash received.