Ball Mart sells gift cards to customers. At the beginning of the year, the balance in the
Question:
Ball Mart sells gift cards to customers. At the beginning of the year, the balance in the Unearned Sales Revenue account was $9,000. During the year, customers purchased $5,000 in gift cards and used $2,000 in gift cards to pay for merchandise. Determine the balance in the Unearned Sales Revenue account at the end of the year.
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Unearned Sales ...View the full answer
College Accounting
ISBN: 1986
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
Related Video
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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