Match the following types of adjusting entries to the listed situation. (Choices may be used more than once.)
-Revenue is earned for previously received advance cash collections

Question

Quizplus · Accepted Answer

Revenue earned for previously received advance cash collections is an example of deferred (unearned) revenue. This type of adjusting entry is made to recognize revenue that has been received in advance and is not yet recognized as earned revenue.

Match the Following Types of Adjusting Entries to the Listed