Unearned Revenue is Classified as
It is because of this that it is shown under Current Liabilities heading on Balance Sheet. Web Unearned revenue is closed to the income summary account at the end of the accounting period. M 7f Adjusting Journal Entries Defined Accounting Journal Entries Accounting Education Is unearned revenue classified as an asset. . Web Unearned revenue is the money paid by a customer for goods or services that a company has yet to deliver. Web The total unearned revenue of the company was fifty thousand dollars. The company should convert the unearned revenue to revenue whenever it recongize its. When the goods or services are provided an adjusting entry is made. This is money paid to a business in advance before it actually provides goods or services to a client. It is a liability because it reflects money that has been received while services to earn that money have yet to be provided. As a company earns the revenue