Kate is having a difficult time differentiating all of the account names. My head is spinning when
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Accounts Payable Supplies Wages Expense Prepaid Rent Equipment Accounts Receivable Vehicle Expenses Maintenance Expense Land Advertising Expense Fuel Expense Furniture Unearned Revenue Rent Revenue Salaries Expense Notes Payable Merchandise Inventory Insurance Expense Owner's Capital, Ending balance Interest Payable Service Revenue Other Expenses Interest Income Utilities Expense Supplies Expense Vehicles Prepaid Expenses Interest Receivable Rent Expense Salaries Payable Interest Expense Withdrawals Cash Telephone Expense Investment by Owner Building Owner's Capital, Beginning balance Profit/Loss
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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