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Q. What do you mean by unearned revenue?
A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash to the selling company before the receipt of merchandise or services. Receiving assets previous to they are earned creates a liability called unearned revenue. The firm debits such revenue to the asset account Cash and credits a liability account. The liability account credited possibly Unearned Fees and Revenue Received in Advance or Advances by Customers or some similar title. The seller should either provide the services or return the customer's money. Through performing the services the company earns revenue and cancels the liability.
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
when discrepancies occured on financial documents,what consequences will arise?
Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent record
Distinctions between management and financial accounting We can observe that management accounting is less constrained than financial accounting. It may draw from a range of s
A lobster catcher spends $12 500 per month to maintain a lobster boat. He plans to catch an average of 20 days per month during lobster season. For each day, he must allow approx
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
identify the income statement account
help with paper on basic transaction processing fr Richard Simmons
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
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