Use the information from the T-accounts below to create the related journal entries. Provide an explanation for
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Accumulated depreciation Cash 3 11,000 31,000 0 15,000 2 50,000 20,000 7 Bank loan Accrued liabilities Unearned Retained revenue earnings 7 18,000 8,000 6 4 6,000 11,000 6 50,000 Salaries Utilities expense Depreciation expense Revenue expense 6,000 4 31,000 0 6 8,000 2 15,000 Interest expense 7 2,000
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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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