Unearned revenue, a cash payment which has been received in advance, is recorded as an asset of the business.
Correct Answer:
Verified
Q8: An adjusting entry always involves two balance
Q22: The difference between the cost of the
Q29: Accumulated depreciation is shown as a deduction
Q29: Unearned revenue is a prepayment that requires
Q31: To decrease an unearned revenue account, a
Q32: The normal balance of the accumulated depreciation
Q35: If prepaid costs are initially recorded as
Q36: The straight-line method of depreciation will allocate
Q38: The annual depreciation expense can be calculated
Q40: An adjusting entry will credit a liability
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents