Identify the normal balance (debit or credit) for each of the following accounts. a. Rideshare Revenue b.
Question:
Identify the normal balance (debit or credit) for each of the following accounts.
a. Rideshare Revenue
b. Office Supplies
c. Cash
d. Wages Expense
e. Accounts Receivable
f. Prepaid Rent
g. Wages Payable
h. Building
i. Unearned Revenue
Step by Step Answer:
a Credit d Deb...View the full answer
Principles Of Financial Accounting (Chapters 1-17)
ISBN: 9781260780147
25th Edition
Authors: John Wild
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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