Asked by
Ashwin Angammal
on Dec 05, 2024
Verified
The journal entry to adjust the unearned revenue account when revenues are earned results in an increase in assets and a decrease in liabilities.
Unearned Revenue
Income received by an entity for services or products yet to be delivered or performed.
Liabilities
Liabilities or amounts due by a corporation to third parties or people outside the organization.
- Perceive the repercussions of adjustment entries on financial statements.
- Understand the process of recording and adjusting for unearned revenue.
Verified Answer
JA
Learning Objectives
- Perceive the repercussions of adjustment entries on financial statements.
- Understand the process of recording and adjusting for unearned revenue.
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