The type of account and normal balance of Unearned Consulting Fees would be
A) revenue, credit
B) expense, debit
C) liability, credit
D) liability, debit

Question

Quizplus · Accepted Answer

Unearned Consulting Fees is a liability account because the company has received money from customers in advance for services that have not yet been provided. As a result, the normal balance for this type of account is credit. Therefore, option C is the correct answer.

The Type of Account and Normal Balance of Unearned Consulting