Unearned Revenue is a ________ account and carries a ________ normal balance.
A: liability; credit
B: asset; credit
C: revenue; debit
D: asset; debit
A: liability; credit
B: asset; credit
C: revenue; debit
D: asset; debit
举一反三
- What type of account is Unearned Revenue (asset, liability, stockholders’ equity, revenue, or expense) and what is its normal balance, respectively?
- Which one of the following statements is correct? A: An increase in an asset is a debit and an increase in an expense is a credit B: An increase in capital is a debit and an increase in a liability is a credit C: An increase in an expense is a debit and a reduction in an asset is a credit D: A reduction in a liability is a debit and an increase in an expense is a credit
- Unearned revenue is reported in the financial statements as: A: A liability on the balance sheet. B: A revenue on the balance sheet. C: An unearned revenue on the income statement. D: An asset on the balance sheet.
- Unearned revenue is reported in the financial statements as: A: A revenue on the balance sheet. B: A liability on the balance sheet. C: An unearned revenue on the income statement. D: An asset on the balance sheet. E: An operating activity on the statement of cash flows.
- Unearned revenue is a (n) account. ( ) A: revenue B: expense C: liability D: asset