Time Warner is a publishing and communications company, specializing in magazines, cable television operation, television program development, and other telecommunication services. Its financial statements show $$37,666$ in an account called Unearned Revenue, which represents amounts that customers have paid in advance of receiving magazines, cable television, and internet services. What type of account is this and on what statement is it reported?

Select one:

A$.$ Asset; Balance Sheet.

B$.$ Liability; Balance Sheet.

C$.$ Revenue; Balance Sheet.

D$.$ Revenue; Income Statement.