which of the following would not result in unearned revenue course hero

Which of the following is unearned revenue?

Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It is recorded on a company's balance sheet as a liability because it represents a debt owed to the customer.

What accounts are affected by unearned revenue?

On a balance sheet, assets must always equal equity plus liabilities. Both sides of the equation must balance. This is why unearned revenue is recorded as an equal decrease in unearned revenue (a liability account) and increase in revenue (an asset account).Mar 28, 2019

What are unearned revenues quizlet?

Unearned revenues are generally: Assets that represent prepayments of future expenses.

Which of the following accounts would not be closed?

The correct answer is option d) Capital Stock. Capital Stock is a real or permanent account, hence, it must not be closed at the end of the year....

Why is revenue not an asset?

For accounting purposes, revenue is recorded on the income statement rather than on the balance sheet with other assets. Revenue is used to invest in other assets, pay off liabilities, and pay dividends to shareholders. Therefore, revenue itself is not an asset.Dec 29, 2021

Is unearned revenue part of revenue?

Tip. Income that has been generated but not earned, aka unearned revenue, is not included on the income statement and is considered a liability.

What type of account is unearned revenue quizlet?

What type of account is the unearned revenue account? Unearned revenue is a liabilities account.

What type of account is unearned service revenue quizlet?

Unearned revenues are liabilities. As products or services are provided, the unearned revenues become earned revenues. Adjusting entries for unearned revenues involve increasing revenues and decreasing unearned revenues. Refer to costs that are incurred in a period but are both unpaid and unrecorded.

What is deferred revenue quizlet?

A Deferred Revenue : A liability recognized when cash is received before the service is provided or before the goods are shipped to customers.

What account is not closed at year end?

Permanent accountsPermanent accounts are accounts that you don't close at the end of your accounting period. Instead of closing entries, you carry over your permanent account balances from period to period. Basically, permanent accounts will maintain a cumulative balance that will carry over each period.Nov 12, 2019

Which of the following accounts is not closed to the income Summary?

Prepaid Rent. Explanation: Prepaid rent is an asset account. Hence, it is a permanent or real account that is not closed at the end of...

Which one of the following accounts would not be closed at the end of the accounting year prepaid rent?

Prepaid rent expense is not closed at the end of the accounting year because it is a permanent account.