4) A new sales representative, Jiggs Lucero, has just received his copy of the month-end financial reports. He is puzzled by the term "unearned revenue." He sent the following e-mail message to you : "What is this??? Creative Accounting, or what??? Line item 12 on year-to-date financials shows over $25Gs in Unearned Revenue!!! Come on, guys! Either we earned it, or we didn't... Right??! Is this how you guys lower our commissions?" Explain unearned revenue in detail. What type of account is it ? Which financial statement is it recorded in?