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nasty-shy [4]
2 years ago
8

A credit entry was recorded for unearned revenue and a debit for cash. What does this entry indicate?

Business
1 answer:
rusak2 [61]2 years ago
7 0

Answer:

This means that there is an increase in cash(cash has been collected). And for the unearned revenue which is a liability, there is an increase in the liability

Explanation:

This means that there is an increase in cash(cash has been collected). And for the unearned revenue which is a liability, there is an increase in the liability.

Note: Debit side increases asset(cash) and expenses while credit side decreases liability,income and equity.

Credit side decreases asset(cash) and expenses while debit side increases liability,income and equity.

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Read 2 more answers
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