Silver Star Automotive showed the following account balances at October 31, 2020, after posting the closing entries.
Question:
Silver Star Automotive showed the following account balances at October 31, 2020, after posting the closing entries. Prepare the post closing trial balance.
Cash Accounts Receivable Unearned Revenue Bal. 40 Bal. 10 Bal. Withdrawals Capital Revenues 5 40 5 5 23 23 Bal. 15 -0- -0- Bal. 50 Bal. Expenses Bal. -0-
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Silver Star Automotive PostClosi...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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