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Q. What do you mean by unearned revenue?
A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash to the selling company before the receipt of merchandise or services. Receiving assets previous to they are earned creates a liability called unearned revenue. The firm debits such revenue to the asset account Cash and credits a liability account. The liability account credited possibly Unearned Fees and Revenue Received in Advance or Advances by Customers or some similar title. The seller should either provide the services or return the customer's money. Through performing the services the company earns revenue and cancels the liability.
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A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory
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Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
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Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership
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Question 1: What are the kinds of inventory? Transaction inventory Speculative inventory Precautionary inventory Question 2: Explain in brief the invent
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