in the perlod in which the service is performed. Indeace row by wor 1c. Revenue is recognited when it is earnes, regardless of when cash is received. Accrued revenues represent previcushy unrecorded revenues that have been earned but for which no cash has vet been received. A deferred (unearned) revenue is a liablity arising froen the receipt of cash for which revenue has not yet been carned. As the revenue is earned, the liabily should be adjusted: a. Oo December 23, Deita Airlines chartered a bus to transport iss marketing group to a meeting at a resort in southern Georgia. The meeting wir be held during the last meek in January, and Deita agrees to pay for the entire trip on the day the bus departs. At year end, none of these arrangements have been recerded by Sentry Dec: 31 x Findowe TClea MrWhor 1d. Revenue is recognized when it is earned, regardiess of when cash is received. Acorued revenues represent previously unrecorded revenues that have been earned but for which oo cash has vet been received A deferred (uneartiod) revenue is a llabity arising from the receipt of cash fur which revenve has not yet been earned. As the revenue is earned, the liagnity should be adjusted