i chose C - correct. 13. D)not collected and not currently matched with expenses. A.) 1) A prepaid expense can best be described as an amount. debit Cash and credit Unearned Rent Revenue, $35,000. The term revenue can best be described as: A)The selling price of goods and services rendered to customers during a given accounting period. Not Paid And Currently Matched With Earnings B.) finance 1) An accrued expense can best be described as an amount A. paid and currently matched with earnings. However, I would suggest consulting an accountant to see if it's better to just record a credit memo or still do journal entries to declare the unearned revenue. The total amount earned from goods sold to customers or services performed during a given accounting period. b. collected and not currently matched with expenses. The cash received from goods sold to customers or services performed during a given accounting period The net increase in Shareholders' (Stockholders') Equity … Beginning And Ending Balances Of Accounts … Paid and not currently matched with earnings. B)collected and not currently matched with expenses. Collected And Currently Matched With Expenses. What is Unearned Revenue? The total amount earned from goods sold to customers or services performed during a given accounting period. An accrued revenue can best be described as an account collected and not currently matched with expenses. 97. As an example, we note that Salesforce.com reports unearned revenue as a liability (current liabilities). The term 'revenue' can be best described as: A. 2) An accrued revenue can best be described as an amount. Hence, they are also called "advances from customers". debit Rent Revenue and credit Unearned Rent Revenue, $35,000. An unearned revenue can best be described as an amount: a) collected and currently matched with expenses b) collected and not currently matched with expenses c) not collected and currently matched with expenses d) not collected and not currently matched with expenses. a. accrued b. prepaid c. unearned d. cash. D ( S. O. I respect that you know better what's best for your business. b. collected and not reported on the income statement. Which of the following is a real … If your small business provides professional services and sells tickets for the services, those sales count as unearned revenue. B. collected and not currently matched with expenses. Unearned income is a term coined by Henry George to refer to income gained through ownership of land and other monopoly. 13. Unearned revenue, also known as unearned income, deferred revenue, or deferred income, represents revenue already collected but not yet earned. debit Unearned Rent Revenue and credit Rent Revenue, $25,000. B)collected and not reported on the income statement. Today the term often refers to income received by virtue of owning property (known as property income), inheritance, pensions and payments received from public welfare.The three major forms of unearned income … An unearned revenue can best be described as an amount a. collected and currently matched with expenses. A company must make adjusting … D. Unearned revenue. 25. An accrued revenue can best be described as an amount. b) paid and not currently matched with revenues. Unearned revenue is when someone or a company pays you in advance and then you record it as How does expense have to deal with this? B. An accrued revenue can best be described as an amount Select one: a. not collected and not currently matched with expenses. D. paid and not currently matched with earnings. C. Unearned revenue is a liability for the recipient of the payment, so the initial entry is a debit to the cash account and a credit to the unearned revenue … D. Collected And Not Currently Matched With Expenses. Deferred revenue, or unearned revenue , refers to advance payments for products or services that are to be delivered in the future. C. Not Collected And Not Currently Matched With Expenses. When an item of revenue is collected and recorded in advance, it is normally called a(n) ___ revenue. An accrued revenue can best be described as an amount A)collected and currently matched with expenses. c) revenue. An Accrued Expense Can Best Be Described As An Amount _____. 222.Unearned revenue is classified as a(an) _____ on a business's balance sheet. This means they represent prepayments made for your services that you can’t record as revenue until you fulfill them at a later time. c. not collected and currently matched with expenses. B)collected and not currently matched with expenses. Technically, we can just move funds via journal entries. It just doesn't go through my head. 72. B. Usually, this unearned revenue on the balance sheet is reported under current liabilities. Unearned premium is the premium corresponding to the time period remaining on an insurance policy. An unearned revenue can best be described as an amount a. collected and reported on the income statement. d. not collected and not currently matched with expenses. 96. C)not collected and currently matched with expenses. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is A. D. $18,000 O b. collected and not currently matched with expenses. C. not paid and currently matched with earnings. b. collected … You can optionally clear the negative unearned revenue on this invoice. A retainer fee is a type of unearned revenue in which a company, such as a law firm, receives a cash payment up front for services it will provide in the future. 221._____ are promises of payment from customers to sellers. D)The "bottom line" in … The total amount earned from goods sold to customers or services performed during a given accounting period. The term "Revenue" can best be described as: A. An unearned revenue can best be described … $90,000. C)not collected and currently matched with expenses. $36,000. However, if the unearned is not expected to be realized as actual sales, then it can be reported as a long-term liability. Which type of account is always debited during the closing process? 1) An accrued expense can best be described as anamount 2) When an item of revenue is collected and recorded inadvance, it is normally called a(n) _____revenue. B)The cash received from selling goods and serving customers during a given accounting period. c. not collected and currently matched with expenses. This is advantageous from a cash flow perspective for the seller, who now has the cash to perform the required services. 5) An accrued expense can best be described as an amount: A. B. An accrued expense can best be described as an amount a. paid and currently matched with earnings. An accrued revenue can best be described as an amount A)collected and reported on the income statement. An accrued revenue can be best described as an amount. B. not paid and not currently matched with earnings. b. collected and not currently matched with expenses. The unearned rent account has a balance of $72,000. c. not collected and currently matched with expenses. Acc 421 final exam university of phoenix final exams study guide 1) an accrued expense can best be described as an amount 2) when an item of revenue is collected and recorded in ad 1. Unearned revenue is money received from a customer for work that has not yet been performed. Following the accrual concept of accounting, unearned revenues are considered as liabilities. Question: Marked Out Of 1.00 An Unearned Revenue Can Best Be Described As An Amount Select One: A. i chose B - correct. C. Revenue. Not Paid And Not Currently Matched With Earnings C.) Paid And Not Currently Matched With Earnings D.) Paid And Currently Matched With Earnings 2.) b. paid and not currently matched with earnings. c. not collected and reported on the income statement. Time-based contingencies: If revenue on this invoice was deferred due to unexpired time-based contingencies, then Receivables always prorates the credit memo amount between the earned and unearned revenue amounts on the invoice. 2) When an item of revenue is collected and recorded […] d. not collected and not currently matched with expenses. According to the accrual basis of accounting, a company must record revenues in the period they are earned. c. not paid and not currently … C. $54,000. b. collected and not currently matched with expenses. These are proportionate to the unexpired portion of the insurance and appear as a liability on the insurer’s balance sheet since they would be paid back upon cancellation of the policy. D. Unearned Rent Revenue 16,000 Rent Revenue 16,000. 73. a. collected and currently matched with expenses. Not Collected And Currently Matched With Expenses. The term "Revenue" can best be described as: A. C)The net increase in owners' equity during a given period. Unearned premium is the premium corresponding to the time period remaining on an insurance policy. An unearned revenue can best be described as an amount A)collected and currently matched with expenses. An unearned revenue can best be described as an amount a. collected and currently matched with expenses. 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