Accounting Unearned Revenue Journal Entry
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In the alternate a lump sum entry for 6 months july to december can also be passed to account for the subscription earned against the services provided belonging to the current year.
Accounting unearned revenue journal entry. Unearned revenue a c dr. As we know. And the entry would be. At the end of the period unearned revenues must be checked and adjusted if necessary.
The adjusting entry for unearned revenue depends upon the journal entry made when it was initially recorded. The accounting equation assets liabilities owners equity means that the total assets of the business are always equal to the total liabilities plus the total equity of the business. Accounting equation for unearned revenue journal entry. 1 the liability method and 2 the income method.
Accounting and journal entries. For this transaction the accounting equation is shown in the following table. Journal entries of unearned revenue. 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 unearned revenue pass it is not possible to provide all the types of examples.
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