Question

a company had collected $3,000 in advance for services to be provided throughout the year. at december 31, an analysis of the unearned services revenue account showed that one-third of the services were earned during the year. the entry to record this adjustment will include which of the following entries:

Answer 1

A $1,000 credit is made to the services revenue, while a $1,000 debit is made to the unearned services revenue.

When an organization pre-paid their insurance, did it record it as prepaid insurance?

$1,200. Prepaid insurance is increased and cash is decreased when a corporation pays in advance for it. This exchange of assets is a transaction.

What two categories of income are unearned?

Investment-type income, such as taxable interest, regular dividends, and capital gain distributions, is categorized as unearned income. In addition, it covers taxable social security benefits, unemployment benefits, pensions, annuities, debt forgiveness, and distributions of unearned income from trusts.

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