Unearned revenue is a liability.
举一反三
- In the case of unearned revenue, the adjusting entry at the end of the period includes a credit to Service Revenue. Assume the unearned revenue is initially recorded as a liability.
- Unearned revenue is a (n) account. ( ) A: revenue B: expense C: liability D: asset
- Unearned Revenue is classified as a(n) ________ account. A: liability B: asset C: revenue D: equity
- 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<br/>revenue is a liability and should be reported on the income<br/>statement.(<br/>)