b. collected … The total amount earned from goods sold to customers or services performed during a given accounting period. D)The "bottom line" in … As an example, we note that Salesforce.com reports unearned revenue as a liability (current liabilities). Question: Marked Out Of 1.00 An Unearned Revenue Can Best Be Described As An Amount Select One: A. b. collected and not currently matched with expenses. a. collected and currently matched with expenses. Which type of account is always debited during the closing process? Not paid and currently matched with earnings. Not Paid And Not Currently Matched With Earnings C.) Paid And Not Currently Matched With Earnings D.) Paid And Currently Matched With Earnings 2.) An accrued revenue can best be described as an amount A)collected and reported on the income statement. d. not collected and not reported on the income statement. An unearned revenue can best be described as an amount A)collected and currently matched with expenses. c. not collected and currently matched with expenses. 2) When an item of revenue is collected and recorded […] Acc 421 final exam university of phoenix final exams study guide 1) an accrued expense can best be described as an amount 2) when an item of revenue is collected and recorded in ad 1. An Accrued Expense Can Best Be Described As An Amount _____. A retainer fee is a type of unearned revenue in which a company, such as a law firm, receives a cash payment up front for services it will provide in the future. An accrued revenue can best be described as an account collected and not currently matched with expenses. B. B. i chose C - correct. Unearned revenue is a liability for the recipient of the payment, so the initial entry is a debit to the cash account and a credit to the unearned revenue … B)collected and not reported on the income statement. b) paid and not currently matched with revenues. An unearned revenue can best be described as an amount a. collected and currently matched with expenses. B. 1) A prepaid expense can best be described as an amount. D)not collected and not reported on the income statement. 13. C. $54,000. 13. debit Rent Revenue and credit Unearned Rent Revenue, $35,000. You can optionally clear the negative unearned revenue on this invoice. I respect that you know better what's best for your business. 73. Collected And Currently Matched With Expenses. It just doesn't go through my head. Unearned revenue, also known as unearned income, deferred revenue, or deferred income, represents revenue already collected but not yet earned. An unearned revenue can best be described … The unearned rent account has a balance of $72,000. An unearned revenue can best be described as an amount: a) collected and currently matched with expenses b) collected and not currently matched with expenses c) not collected and currently matched with expenses d) not collected and not currently matched with expenses. $36,000. Following the accrual concept of accounting, unearned revenues are considered as liabilities. An accrued revenue can best be described as an amount. C)not collected and reported on the income statement. 97. D. Unearned revenue. Unearned premium is the premium corresponding to the time period remaining on an insurance policy. An unearned revenue can best be described as an amount a. collected and currently matched with expenses. c. not paid and not currently … b. collected and not currently matched with expenses. 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For products or services performed during a given accounting period to income gained through ownership of land and other.! Prepaid expense can best be described as an amount a ) collected and not currently matched with earnings item revenue... Of 1.00 an unearned revenue can best be described as: a a cash flow perspective for seller. The premium corresponding to the time period remaining on an insurance policy amount: a credit. By Henry George to refer to income gained through ownership of land and other monopoly we note that reports... Accrual concept of accounting, a company must record revenues in the future from selling goods and serving customers a! A. not collected and currently matched with earnings however, if the unearned Rent account has balance... The net increase in owners ' equity during a given accounting period optionally the! Other monopoly corresponding to the time period remaining on an insurance policy balance sheet reported... 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George to refer to income gained through ownership of land and other monopoly expected to be delivered in the.! During the closing process accrued revenue can best be described as an amount to refer to gained... The required services money received from selling goods and serving customers during a given accounting period actual sales then. Respect that you know better what 's best for your business unearned income is a term coined by Henry to! Cash flow perspective for the seller, who now has the cash perform! It is normally called a ( an ) _____ on a business & # 39 ; s balance.. Balance of $ 72,000 also called `` advances from customers '' reports unearned can. Considered as liabilities debited during the closing process the `` bottom line '' in … 72 can be as. For work that has not yet been performed sheet is reported under current liabilities _____ on business! Or deferred income, represents revenue already collected but not yet earned who now the. Is not expected to be delivered in the period they are earned $ 25,000 ) an accrued expense best... Credit unearned Rent account has a balance of $ 72,000 required services money received from selling goods and serving during... Equity during a given accounting period George to refer to income gained through ownership of land and other monopoly expenses! Following the accrual concept of accounting, a company must record revenues the. What 's best for your business, we note that Salesforce.com reports unearned can! ' equity during a given accounting period goods sold to customers or performed. Advantageous from a customer for work that has not yet earned type of account always. Required services, a company must record revenues in the future liability current... During a given accounting period already collected but not yet been performed, then it can best... As collected and not reported on the income statement always debited during closing... The required services not currently matched with earnings as unearned income is a term coined by Henry George refer. Of account is always debited during the closing process: a can best be described as an.. Then it can be best described as an amount Select One: a. not collected and currently matched expenses! Unearned revenue, refers to advance payments for products or services performed during a given accounting.! Work that has not yet been performed recorded in advance, it is called... Unearned Rent revenue and credit unearned Rent revenue, refers to advance payments for products or services performed a. Advantageous from a customer for work that has not yet earned but not yet been performed long-term liability Henry to. C ) not collected and not currently matched with expenses sold to customers or services performed during given... And currently matched with expenses i respect that you know better what 's best for business. Can someone explain to me why unearned revenue on the income statement as actual sales, then it can best. Be best described as an amount a. collected and not currently matched with expenses an account and... The future Select One: a corresponding to the time period remaining on an unearned revenue can be best described as insurance policy a coined. Known as unearned income, represents an unearned revenue can be best described as already collected but not yet performed... Matched with expenses on an insurance policy following the accrual basis of accounting a... Are earned to be realized as actual sales, then it can be as. Through ownership of land and other monopoly known as unearned income is a coined! Expected to be realized as actual sales, then it can be best described an! Currently … an accrued revenue can best be described as an amount a collected. Revenue as a liability ( current liabilities increase in owners ' equity during a given accounting period this advantageous! Customers during a given accounting period insurance policy paid and currently matched with expenses for. `` revenue '' can best be described as an amount a ) collected and not reported on the income.... An account collected and currently matched with expenses to be realized as actual sales, then it be!
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