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Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
What is the liability created by receiving the revenue in advance?
Depends on the nature of the revenue received. Usually unearned revenue, customer advances, contract revenue in advance.
Unearned revenue is initially recognized with a?
credit to unearned revenue
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
What is the entry unearned revenue?
[Debit] Cash / bank [Credit] Unearned revenue
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
What is the liability created by receiving the revenue in advance?
Depends on the nature of the revenue received. Usually unearned revenue, customer advances, contract revenue in advance.
Unearned revenue is initially recognized with a?
credit to unearned revenue
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
Why is unearned revenue typical for Microsoft?
Unearned revenue is typical for Microsoft due to the nature of their products, such asWindows and Office. At the time of sale, customers pay for the current version of the software as well as future upgrades that will become available. Microsoft recognizes revenue for the sale of the current version, and records unearned revenue for the value of future upgrades.
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 type of account is unearned revenue?
Unearned Service Revenue is a Liability account.
What is the entry unearned revenue?
[Debit] Cash / bank [Credit] Unearned revenue
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.
What type of account is unearned service revenue?
Unearned Service Revenue is a Liability account.
