Receipt of cash that is recorded as a liability because the service has not

Receipt of cash that is recorded as a liability

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Receipt of cash that is recorded as a liability because the service has not been performed. Rent Airline tickets Cash Receipt Revenue Recorded BEFORE Magazine subscriptions Customer deposits Unearned revenues often occur in regard to: LO 4 Prepare adjusting entries for deferrals. The Basics of Adjusting Entries UNEARNED REVENUES
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3-14 LO 4 The Basics of Adjusting Entries Illustration 3-10 Adjusting entry is made to record the revenue for services performed during the period and to show the liability that remains at the end of the period. Results in a decrease (debit) to a liability account and an increase (credit) to a revenue account . UNEARNED REVENUES
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