View Earning Unearned Revenue Journal Entry
Pictures. Some examples of account titles used by businesses are given below Unearned revenue, also known as unearned income, deferred revenue, or deferred income, represents revenue already collected but not yet earned.
Journal entries for unearned revenue.
Unearned revenue, sometimes referred to as deferred revenuedeferred revenuedeferred revenue is generated when a company receives payment for goods some examples of unearned revenue include advance rent payments, annual subscriptions for a software license, and prepaid insurance. An unearned revenue journal entry is used to record additions to the unearned revenue account. Record the adjusting entry that eastside magazine makes to record earning $8,000 in subscription revenue that was collected in unearned revenue is the income received in advance but which is not yet earned. The following unearned revenue journal entry example provides an understanding of the most common type of situations where such a journal entry account for and how one can record the same as there are many situations where the journal entry for.
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