Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 40 - No. 35)
What is the impact of unearned revenue in the general ledger?
Unearned revenue is recorded as a liability.
Cash is debited.
Revenue is increased.
Unearned revenue is an asset.
Explanation
Unearned revenue is a liability that has not yet been earned.
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