Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 6) unearned revenue is classified as a. an asset a

6) Unearned revenue is classified as a. an asset account. b.   a revenue account. c. a contra-revenue account. d.   a...

80.2K

Verified Solution

Question

Accounting

6) Unearned revenueis classified as

a. an asset account.

b.   a revenue account.

c. a contra-revenue account.

d.   a liabilityaccount.

7) Which of thefollowing would not result in unearnedrevenue?

a. Rent collected in advance fromtenants

b.   Services performed onaccount

c. Sale of season tickets to footballgames

d.   Sale of two-yearmagazine subscriptions

8) If an adjustingentry is not made for an accrued expense,

a. expenses will be overstated.

b.   liabilities will beunderstated.

c. net income will be understated.

d.   owner’s equity will beunderstated.

Answer & Explanation Solved by verified expert
4.3 Ratings (570 Votes)
Question 6 The correct answer Option d Unearned Revenue is classified as a liability account It is because of this that it is shown under Current Liabilities heading on Balance Sheet This account has a credit balance Unearned revenue is not an asset    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A photon creates a pair of electron positron with equal kinetic energy Let kinetic energy...

Physics
Q

The GI tract is lined by a series of tissues in an organized way. Describe the...

Medical Sciences
Q

Suppose that 132 moles of a monatomic ideal gas is initially contained in a piston with...

Physics
Q

Solar power can be described as Free to build and free to use The most...

Biology
Q

With early seed plants the endosperm develops before fertilization of the egg O True O...

Biology
Q

1 Two cells of emf 2E and E with internal resistance r and r respectively...

Physics
Q

Which sentence does not correctly use a possessive pronoun A I d rather take mine...

Basic Math
Q

2NN to sorpol to tomoquicq Find horizontal asymptote of y y to f x 6...

Calculus
Q

Prove An even plus an odd equals an odd 2m 2n 1 2 m odd

Algebra
Q

Sage Co. acquired 25% of the 540,000 shares...

Accounting
Q

CAMPBELL SOUP COMPANY Consolidated Statements of Cash Flows (millions) 2017 2016 2015 887...

Accounting
Q

Which of the following transactions would increase the equity of a company? a)...

Accounting