Question
If a business received cash in advance of services performed and credits a liability account, the adjusting entry when the services are performed will be
If a business received cash in advance of services performed and credits a liability account, the adjusting entry when the services are performed will be a debit to Revenues Received in Advance account (or unearned revenue) and a credit to:
| Service revenue. | ||
| Accounts receivable. | ||
| Cash. | ||
| Prepaid expense. |
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Environmental Health And Safety Audits A Compendium Of Thoughts And Trends
Authors: Lawrence B. Cahill
2nd Edition
1598889737, 978-1598889734
