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"Unearned revenue" is what type of account? 1. asset 2. liability 3. owner's equity 4. income?

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تم إضافة السؤال من قبل ryad abdalla , chief of accounts , Evntoo
تاريخ النشر: 2015/11/02
Liezel Mejia
من قبل Liezel Mejia , Accounting Supervisor , Universal Robina Corporation

Unearned revenue is a liability account, from which cash is collected before rendering your services.

Ahmad Mohammad Zayed
من قبل Ahmad Mohammad Zayed , (Tax Analyst) VAT , FEDERAL TAX AUTHORITY

unearned revenue is a liability account shows in the balance sheet as a short term liabilities

the journal entry is

from / cash or bank  

    to / unearned revenue

when the service provided the journal entry will be:

from / unearned revenue

   to / service revenues

 

 

Mohamed Salama Atwa Elsayed Elsayed
من قبل Mohamed Salama Atwa Elsayed Elsayed , Chief Accountant , Bayt Al Itqan Company

 chosse number3       Liability

Toyin Adun-FCA-MBA-Finance-CMA
من قبل Toyin Adun-FCA-MBA-Finance-CMA , Finance Manager , Emirates Business Group

Liability. Deferred Income

YAHUL HAMEED HAMEED
من قبل YAHUL HAMEED HAMEED , General Accountant , Al Wahdah Auto Radiant Factory

unearned revenue is a liability for the recipient of the payment, so the initial entry is debit to the cash account and a credit to the unearned revenue account.  It is a asset account.

مستخدم محذوف‎
من قبل مستخدم محذوف‎

liability under prepaid income received

Waseem Ahmed
من قبل Waseem Ahmed , Senior Accountant , Goodwill Enterprises

A liability account  received in advance of providing goods or services. So it will settle after timely provided services.

Khaled Mohee Eldeen Abbas Mahmoud
من قبل Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed

agree with most of the answers "liability"

مستخدم محذوف‎
من قبل مستخدم محذوف‎

2.Liability 

Unearned revenues are collections in advance before delivering goods and service...

ryad abdalla
من قبل ryad abdalla , chief of accounts , Evntoo

 best answer"  two "liability

أرشد حسين
من قبل أرشد حسين , Payroll Accountant , RAINBOW CP COATING

Unearned revenue is prepaid revenue, It occurs when a company receives money before the money is earned.

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