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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.
effects of technology in banking sector
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
There is a point where stockholding costs are equivalent to ordering costs
Examine each of the items listed below to determine which items include statements that 3) would indicate that manufacturing diversity exists. Required: Label the items that inc
what is peacemeal districbution ..
introduction,features,objectives,types of branches,difference between branches and departments
incomestatment
Q. Explain sales return? A sales return is merchandise return by a buyer. Buyers and Sellers regard a sales return as a cancellation of a sale. Otherwise some customers keep un
office supplies on hand at year-end amounted to 3000.
What does receiving a bid do to your business records?
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