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Is unearned revenue a liability.
Unearned revenue income statement. Use the following to answer questions 65-67. B Appears on the income statement as a reduction to income. B Appears on the income statement as a reduction to income.
Airline carriers for example will have unearned revenue when they sell tickets beforethey deliver the service. It is treated as a liability because the revenue has still not been earned and represents products or services owed to a. D Appears on the balance sheet as a liability.
And Deferred Income as well. When the services against it are provided irrespective of the time the payment was received. A Appears on the income statement as income.
Unearned income is the income received from investments or other sources that are unrelated to employment. Unearned revenue is recorded on a companys balance sheet as a liability. When the services against it are provided irrespective of the time the payment was received.
Only when the company has fulfilled itsobligation earned money is the liability removed and the money is recorded asrevenue and included in the income statement. Unearned revenue also known as deferred income or prepaid earnings is not a contra revenue account with a debit balance presented on an income statement but rather a liability with a credit balance reported on a balance sheet. The average employee of Winthrop Corporation earns gross pay of 60000 per year.
The journal entry to record a prepayment would be. Revenue is not recorded in the income statement until it is earned. This is also referred to as deferred revenues or customer deposits.
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