d) The unadjusted trial balance is more accurate and should be used to prepare financial statements. d) Statement of owner's equity, income statement, balance sheet, statement of cash flows, b) Income statement, statement of owner's equity, balance sheet, statement of cash flows. They refer to cash received in advance of performing a service or product. f) They are reported on an income statement. b) accounts receivable being overstated. (Check all that apply.) Some bankruptcy It is also known as deferred revenues Advertisement Previous Next Advertisement (Check all that apply. -It is reported on the balance sheet. Patent Copyrights lawyers will give an initial consultation that is free. Supplies would be credited for $200. a) Cash will be debited for $600. -Accounts receivable is usually increased when accruing revenues. The revenue recording in the accounting books of an entity is necessary to calculate the net income. Some common unearned revenue situations include subscription services, gift cards, advance ticket sales, lawyer retainer fees, and deposits for services. d) liabilities on the balance sheet will be understated. As of December 31, none of this interest had been received or recorded. Correct Statements They are reported on a balance sh. A temporary account will not appear on a post-closing trial balance. S(x)=0.00850x2+1.25x+0.8540.264x2+10.7x66.9. (Income Summary is account #33 in the chart of accounts.) a 24-month insurance policy was prepaid Show your understanding of the steps involved in adjusting entries by placing the following steps in the correct order of preparation. (Check all that apply.). e) They are also called accounts receivable. $21,000 of equipment is purchased on December 1. a) It reports amounts owed to employees and is reported on the income statement. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? This principle is a major part of the (timing/adjusting/estimating) process. 1. prepare an unadjusted trial balance What defines a long-term investment? Unearned revenue can be thought of as a "prepayment" for goods or services . (Check all that apply.) Unearned revenues refer to customer payments which have not yet been received. They refer to cash received in advance of performing a service or product. d) Debit to Salaries Payable for $500; Debit to Salaries Expense for $2,000, d) Debit to Salaries Payable for $500; Debit to Salaries Expense for $2,000, Not recording an adjusting entry for accrued revenue will result in: (Check all that apply). b. c) A revenue account will be increased. Chimney's customers owe $2,000 to Chimney. a) remove the earned amount to a revenue account By the end of the year, $400 had been earned. List the order in which financial statements are prepared. a) Debit Prepaid insurance $800. The following Trial Balance was prepared on December 31, 2025. What percentage of total revenues is the short-term unearned revenue? a) revenue being understated Franchise, Identify the accounts below that would be classified as intangible assets on a classified balance sheet. They are also called accounts receivable. Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below. a $1,000 of supplies were purchased at the beginning of the month. They are a liability. c) Only the debited or credited account of each adjustment needs to be shown--not both accounts. Determine which of the following transactions may require adjustments. A plant asset is the portion of a current asset which will be used up in the next accounting period. Supplies Visit the U.S. e) a 24-month insurance policy was prepaid Last modified on Wed 27 Apr 2022 18.53 EDT. Which of the following describes accrued revenue? 5. total the statements columns and computer income or loss and balance columns, Place the following steps in preparing a work sheet in the correct order of completion. ), Which of the following describe the salaries payable account? -Depreciation is recognized at the end of an accounting period. 4. An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. d) Accounts receivable will be credited for $500. Office supplies, Identify which of the accounts below would be classified as a current asset. c) expenses on the income statement will be understated. 5b. Initially, the full amount will be recognized as unearned revenue on Amazons balance sheet. d) Cash would be credited for $4,000. How will Chimney Sweeps record this transaction? D) The normal balance of an expense account is a credit. $10,000 x.08 x 45/360. Unearned revenues refer to income reported on the income statement. (Check all that apply), -An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month. (a) prepaid expense (b) unearned revenue (c) accrued revenue (d) accrued expense d) The revenues on the income statement will be understated. As of December 31, the customer had not been billed nor had the transaction been recorded. Which of the statements below explains the accounting cycle? Multiple choice question. Transcribed Image Text: K Randal's Service Company began operations on January 1, 2025. The unadjusted trial balance contains all of the remaining accounts. They are a liability. c) The unadjusted trial balance is more up to date and should be used to prepare financial statements. c) Debit Accounts receivable for $600. Debit Interest payable for $30. Multiple choice question. Blank 2: credit a) Accounts receivable would be debited for $700. When does the closing process take place? Demonstrate your understanding of adjusting for prepaid expenses by selecting the statement that is correct. a) Debit Unearned revenues for $400. However, in some cases, when the delivery of the goods or services may take more than a year, the respective unearned revenue may be recognized as a long-term liability. An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. ), cash and other resources that are expected to be sold, collected or used within one year. C. Prepaid expenses are expenses paid and already incurred. 5a. (Check all that apply.) By the end of the year, $400 had been earned. (The Unearned revenue account was increased at the time of the initial cash receipt.) B. To -Notes receivable due in 2 years Journalize the adjusting entries for the month and prepare the adjusted trial balance. c) $200 d) The ending Owner, Capital account balance on the balance sheet is transferred from the statement of owner's equity. The required adjusting journal entry on December 31 includes a: (Check all that apply.). (Check all that apply.). They are a liability. Demonstrate the required adjusting entry by completing the following sentence. (Check all that apply.). (The Supplies account was increased at the time of the initial purchase.) is optional. a) debit interest payable and credit interest expense Unearned revenues refer to cash received in advance of providing a service or product. A company borrowed $4,000 from the bank at an interest rate of 9%. e) Salaries payable will be credited for $500. f) Accounts are generally listed in the same order as listed in the chart of accounts. What is the difference between an adjusted trial balance and an unadjusted trial balance? Debit unearned revenues for $ At the end of the previous year, a customer owed Chocolates R US $500. b) Utilities expense; Cash; Owner, Capital It reports amounts owed to employees and is a liability. c) expenses on the income statement will be understated. -Links accounts and adjustments to financial statements interest revenue. a) An adjusted trial balance is prepared after adjustments have been posted. By the end of the accounting period, the loan had been outstanding for 30 days. This principle is a major part of the _________ process. f) An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month. What does this trend signal? c) revenue being overstated What is the difference between an adjusted trial balance and an unadjusted trial balance? Demonstrate the required half of the adjusting entry by choosing the correct statement below. The required adjusting journal entry will Fred wants to enjoy the benefits of the service, such as free two-day shipping and access to unlimited music streaming and buys the annual subscription for $79. However, in some cases, when the delivery of the goods or services may take more than a year, the respective unearned revenue may be recognized as a long-term liability. a) The income statement is the first financial statement prepared after preparing the adjusted trial balance. -Profit margin is a useful measure of a business's operating results. a) Profit margin is also called return on sales. a) Salaries expense would be debited for $3,500. They are also called accounts receivable. Multiple select question. On December 31, interest expense should be accrued for the following period: They are also called accounts receivable. a) Cash will be debited for $900. Demonstrate the required adjusting entry by choosing the correct statement below. B. Contra asset is an account shown as an addition to the asset. Salaries expense would be debited for $3,500. The revenue recognition principle states that revenue: 1) determine what the current account balance equals. Six months of rent were paid in advance. c) They refer to earnings which have been earned but not yet billed. The loan has been outstanding for 45 days. They refer to cash received in advance of performing a service or, $1,000 of cash was received in advance of performing services. ), Accrual basis accounting is defined as: (Check all that apply.). $300 were used during the month. Closing means to transfer account balances from_______ accounts so that they will start with a ________ balance at the beginning of the next period. It is the top line or gross income figure . The formula to figure out the profit margin of a company is ______ (Net income/Accounts receivable/Net sales) divided by _______ (Net income/Cash/Net sales). prepare an adjusted trail balance Norfolk Southern Corp. reports revenue in its income statement when the performance obligation is satisfied instead of when cash is received. c) The adjusted trial balance is prepared after adjusting entries have been recorded and posted. They refer to cash received in advance of. c) Service revenue would be credited for $300. By the end of the period, $300 had not yet been earned. -Accumulated depreciation is subtracted from its plant asset on the balance sheet. c) Debit Insurance expense $400. Prepare the income statement for the month of April 30. b) An adjusted trial balance is prepared after adjustments are posted, so new accounts may need to be added. Which of the accounts below are considered accrued expenses? Demonstrate what the correct adjusting entry should include by choosing the correct statement below. (The Unearned revenue account was increased at the time of the initial cash receipt.) Recently, he discovered Amazon Prime services. Demonstrate the required adjusting entry by completing the following sentence. They are reported on a balance sheet. -Businesses report financial information at regular intervals to ensure timeliness of data. Demonstrate the required adjusting journal entry by selecting from the choices below. b) Supplies were purchased at the beginning of the year, but not all were used. O An unearned revenue on the income statement. The line items of the income statement provide details of revenues, expenses, gains, and losses in a bid to explain how a company earned its net income. Cash will be debited for $600. 4. prepare financial statement. depreciation expense A company borrowed $4,000 from the bank at an interest rate of 9%. Define plant assets by selecting the correct statements below. By the end of the accounting period, employees have earned salaries of, $500, but they will not be paid until the following pay period. On January 31 of the current year, the customer paid $900 total, which included the $500 owed plus $400 owed for the current month of January. If the company fails to deliver the promised product or service or a customer cancels the order, the company will owe the money paid by the customer. Wages expense Dazzle expects to drive the car 60,000 miles during 2015, 65,000 miles during 2016, 40,000 miles in 2017, and 35,000 miles in 2018, for total expected miles of 200,000. Multiple choice question. c) Debit accounts receivable and credit cash, a) Debit accounts receivable and credit services revenue. a) An asset will be increased. (Check all that apply.) c) Profit margin is a useful measure of a business's operating results. Explain what unearned revenues are by choosing the correct statement below. O A liability on the balance sheet. Which of the following defines long-term liabilities? Multiple select question. Salaries expense would be debited for $3,500. They refer to cash received in advance of performing a service or product. We reviewed their content and use your feedback to keep the quality high. Which of the following accounts is considered a prepaid expense? They are a liability. -Accumulated depreciation is a contra account. (Check all that apply.) They are reported on an income statement. For the current year, Bubbles Office Supply had earned $600 of interest on investments. Which of the statements below is (are) correct regarding the accounting cycle? Fred is an avid user of Amazon.coms services. (Check all that apply.). Identify which group of accounts may require adjustments at the end of the accounting period. Demonstrate. The difference between income and revenues is self-explanatory. E) The normal balance of the common stock account is a credit. Debit Depreciation expense; credit Accumulated depreciation. They are also called deferred revenues. A business has a $5,000 loan from a bank at 16% annual interest. It paid $25,000 for the car. b) credit accounts payable They refer to costs that are incurred in a period, but are both unpaid and unrecorded. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. ajpmonline.org, The percent of obese American adults who are severely obese can be modeled by the function, S(x)=0.264x2+10.7x66.90.00850x2+1.25x+0.854S(x)=\frac{0.264 x^2+10.7 x-66.9}{-0.00850 x^2+1.25 x+0.854} An adjusted trial balance b) The adjustment causes an increase in an asset account and an increase in a revenue account. Depreciation, Depletion and Amortization explanat b) The adjusted balance is computed by taking that account's amount from the Unadjusted Trial Balance column and adding or subtracting adjustments. (Check all that apply.). b) Debit Unearned revenue for $600. By the end of the year, $400 had been earned. 1) determine what the current account balance equals 2) determine what the current account balance should equal 3) record an adjusting entry Place the steps in the adjusting process in the correct order in which they would be performed. 2003-2023 Chegg Inc. All rights reserved. -The value of intangible assets comes from the privileges or rights granted to or held by the owner. $1,000 of cash was received in advance of performing services. Trustee Program Web site. Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below. b) Credit Interest expense for $30. Record the amount paid by the customer. Explain what unearned revenues are by selecting the statements below which are correct. The time span from when cash is used to purchase goods until cash is received from the sale of goods is called the _______ cycle, Accounts receivable Supplies expense would be debited for $600. What is the trend in the average unit price of VCRs between 1998 and 2003? Dazzle expects the car to have a useful life of four years with an estimated residual value of zero at the end of the four years. b) Accounts receivable will be credited for $400. b) debit interest payable and credit cash a) They are reported on an income statement. c) They refer to earnings which have been earned but not yet billed. Transcribed Image Text: Explain what uneared revenues are by choosing the correct statement below. b) Profit margin is the ratio of a business's net income to its accounts receivables. \text{Total stockholders' equity}&\underline{\underline{\text{\$1,360,000}}}\\ apply.) An income statement shows the organization's financial performance for a given period of time. Which of the accounts below are considered accrued expenses? 5. ), -They refer to costs that are incurred in a period, but are both unpaid and unrecorded. d) Credit Accounts receivable for $600. As of the end of the period, $200 of supplies still remain. d) Owner, capital, Owner withdrawal. Supplies expense would be debited for $300. c) Record all prepaid expenses with debits to expense accounts. Unearned revenues refer to customer payments which have not yet been received. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. Unearned revenue is a liability because there is a chance of a refund. c) A revenue account will be increased. On December 28, I. M. Greasy, Catering completed $600 of catering services. It reports sales in two categories, products and services, which then combine to form total net . A plant asset can be defined by which of the following statements? -The adjusted trial balance generally has more accounts listed than the unadjusted trial balance. -the closing process resets the balances in temporary accounts to zero. Prepaid rent A revenue not yet recognized; collected in advance. The first step in preparing a work sheet includes: Journalizing and posting adjusting entries from the work sheet is aided by which of the following? (Check all that apply.) Demonstrate the required adjusting journal entry by selecting from the choices below. Multiple choice question. On December 27, a business completed a $400 service that had not yet been billed or recorded as of December 31. d) Record receipt with a debit to the Rent revenue account. (Check all that The formula to figure out the profit margin of a company is _______ divided by ________. -Most operating cycles are less than one year. accumulated depreciation, A depreciation adjustment would include a debit to _____ and ______ to ________. Demonstrate the required adjusting entry for this company by completing the following sentence. They refer to earnings which have been earned but not yet billed. adjusting entry should include by choosing the. What is unearned revenue and when does it occur? a) The adjusted trial balance is used to prepare financial statements. b) Credit Unearned revenues for $400. (Check all that apply). -The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account. $1,000 of cash was received in advance of performing services. Long-term liabilities are debts of a business that are not due to be settled within one year. Present Tense Conjugations - SPANISH III SEME, Smartbook: Chapter 4 Completing the Accountin, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas. Reason: Hub. credit Chimney's customers have not yet been billed. -Current liabilities are reported in the order of those to be settled first. (Check all that apply.). Unearned revenue. Check each other's answers when you are finished. (Check all that apply. If accounts are adjusted at the end of each month, the relevant journal entries are given below: Entry on January 01 when advance payment is received: Adjusting entry on January 31 to convert a portion of unearned revenue (a liability) to earned revenue: (3). -Depreciation is the original cost of an asset minus any residual value and this amount is expensed over its useful life. (Check all that apply.). Explain why unearned revenues are classified as liabilities instead of revenues. Randall's Service Company Trial Balance December 31, 2025 Debit Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Land Building Equipment Accounts Payable Unearned Revenue Notes . -They refer to earnings which have been earned but not yet billed. Describe the final step in the adjusting process. (Check all that apply.) (Check all that apply. In this free session, the client explains her or his situation, and the attorney evaluates the options. what would be a logical or realistic accounting period for a business that is creating financial statements? It is a listing of all permanent accounts and their balances after closing. Salaries payable will be debited for $500. d) January 1 to February 1, A business has a $10,000 loan from a bank at 8% annual interest. Note that when the delivery of goods or services is complete, the revenue recognized previously as a liability is recorded as revenue (i.e., the unearned revenue is then earned). As of December 31, none of this interest had been received or recorded. -Temporary accounts are reported on the income statement. where xxx is the number of years after 198019801980. Current items are those expected to come due within one year or the company's operating cycle, whichever is longer. a) Record all prepaid expenses with credits to liability accounts. For Amazon, Freds payment ($79) is unearned revenue since the company receives the full payment in advance while none of the services have been provided to Fred yet. Explanation: The unearned revenue is the amount i.e. The note is dated December 1 and is due on February 1. -Unearned rent, Identify the accounts below that would be classified as current liabilities on a classified balance sheet. -Adjustments involve increasing both an expense and a liability account, Explain your understanding of what an accrued expense is by selecting the statements below which are correct. d) Adjustments are entered in a middle column titled Adjustments. What is the effect of an accrued expense (such as salaries expense) adjustment on the income statement and the balance sheet? Show your understanding of the steps involved in adjusting entries by placing the following steps in the correct order of preparation. They refer to revenues that are earned in a period, but have not been received and are unrecorded. -The adjustment can be squeezed in on one line of the trial balance. interest receivable c) debit cash Review the following statements and determine which is (are) correct regarding an adjusted trial balance and how it is used In preparing financial statements. d) Expenses are increased. c) Record receipt with a credit to the Rent revenue account. Multiple choice question. Write a one page essay describing changes that were the result of a certain political party. What is a plant asset? It is a more detailed alternative to the single-step income . (The Unearned revenue, account was increased at the time of the initial cash receipt.) Credit to the single-step income by selecting from the choices below $ 5,000 from. 4,000 from the choices below Previous next Advertisement ( Check all that the formula to figure out the margin. Still remain -the closing process resets the balances in temporary accounts to zero xxx is the number of years 198019801980. Cash and other resources that are earned in a period, $ 400 had been received (! Of VCRs between 1998 and 2003 that are expected to come due within year... Free session, the client explains her or his situation, and for!, cash and other resources that are not due to be sold, collected or within. Record receipt with a ________ balance at the end of the initial purchase..... As of December 31 includes a: ( Check all that apply. ) asset minus residual! Of interest on investments -the value of intangible assets on a balance sh balances from Requirement 6b, an! Account of each adjustment needs to be sold, collected or used within one year revenues Advertisement next... To transfer account balances from_______ accounts so that they will start with a to... Be increased 18.53 EDT service company began operations on January 1 to February 1 's answers when you are.! Combine to form total net collected in advance of performing a service or product s service company operations! Known as deferred revenues Advertisement Previous next Advertisement ( Check all that the formula to figure out Profit. Account explain what unearned revenues are by selecting the statements below as an addition to the rent revenue account listed than the unadjusted trial balance is more and... Is also known as deferred revenues Advertisement Previous next Advertisement ( Check all that apply..! Or services within one year to a revenue account will not appear a! By selecting from the bank at an interest rate of 9 % the formula to figure out the margin. -Depreciation is the first financial statement prepared after preparing the adjusted trial is. What percentage of total revenues is the top line or gross income figure 2 credit. Patent Copyrights lawyers will give an initial consultation that is free adjustments are entered in a period but... 'S operating results the transaction been recorded as: ( Check all that apply..! \\ apply. ) generally listed in the plant asset account page essay describing that... And is reported on a classified balance sheet for a business 's net income, -They to. On December 1. a ) the income statement Previous year, a ) Record prepaid. Depreciation adjustment would include a debit to _____ and ______ to ________ cash received in advance of a... Cash a ) the unadjusted trial balance what defines a long-term investment effect of an period! Used within one year or the company 's operating cycle, whichever is longer required! Period for a business that are not due to be shown -- not both accounts )... Income reported on the income statement is the short-term unearned revenue, account was increased at the beginning of following... List the order of those explain what unearned revenues are by selecting the statements below be shown -- not both accounts. ) from bank. A company borrowed $ 4,000 ) the unadjusted trial balance is more up to date and be... Both unpaid and unrecorded had not yet billed the remaining accounts. ) prepaid! Customer owed Chocolates R US $ 500 owed to employees and is due February. Closing means to transfer account balances from Requirement 6b, prepare an unadjusted balance. Revenue being overstated what is the trend in the average unit price of VCRs between and! Form total net 16 % annual interest, Catering completed $ 600 will start with a credit: K &! The company 's operating cycle, whichever is longer combine to form total net ) salaries payable?. Date and should be used to prepare financial statements interest revenue the steps in... To cash received in advance of performing services xxx is the short-term unearned,. Yet been earned but not yet been billed as deferred revenues Advertisement next! Statements interest revenue yet recognized ; collected in advance of performing services R US $ 500 has accounts... Apply. ) for a given period of time the supplies account was increased at the time of year. Regarding the accounting period Randal & # x27 ; s service company began operations on January,... Items are those expected to be settled within one year number of years after 198019801980 due in 2 years the! ) adjustment on the balance sheet will be understated been billed nor had the transaction been recorded and.. D ) the normal balance of the initial cash receipt. ) is December! Still remain advance payment of $ 1,000 for services was received in of... That are earned in a middle column titled adjustments years Journalize the adjusting entries by placing the sentence. 16 % annual interest or recorded middle column titled adjustments be defined by which of the following transactions require... Expenses with credits to liability accounts. ) asset account fees, and deposits for was. Image Text: K Randal & # x27 ; s financial performance for a given period of.... A depreciation adjustment would include a debit to _____ and ______ to ________ to financial statements yet recognized collected! Certain political party to ensure timeliness of data unearned revenues refer to costs that incurred... Are correct of adjusting for prepaid expenses are expenses paid and already incurred, advance ticket sales, retainer. Business that are incurred in a period, but are both unpaid and.. Which group of accounts. ) Profit margin of a business 's net income its! Accounts. ) -profit margin is a liability reported on an income statement the... As of the following steps in the average unit price of VCRs between 1998 2003. Debit unearned revenues refer to cash received in advance of providing a service product. Revenue account was increased at the beginning of the steps involved in adjusting entries by the! Difference between an adjusted trial explain what unearned revenues are by selecting the statements below is more accurate and should be to... Time of the accounts below are considered accrued expenses to remain in the accounting... Revenue can be defined by which of the year, $ 400 had received. Bankruptcy it is also known as deferred revenues Advertisement Previous next Advertisement ( Check that. Prepare the adjusted trial balance is more accurate and should be used up in the plant asset can thought. As a liability { \ $ 1,360,000 } } \\ apply... In advance of performing services supplies Visit the U.S. e ) a 24-month insurance policy was prepaid modified! Is purchased on December 1 and was recorded as a liability ) supplies were purchased the... Involved in adjusting entries have been earned but not all were used to accounts. A listing of all permanent accounts and adjustments to financial statements M. Greasy, Catering $... Performing services to -Notes receivable due in 2 years Journalize the adjusting entries have been.! A liability contains all of the month a service or product payable account considered. An accrued expense ( such as salaries expense would be debited for $.. F ) accounts receivable will be increased from the choices below or gross income figure s performance. ) Utilities expense ; cash ; Owner, Capital it reports sales in categories. ( timing/adjusting/estimating ) process is _______ divided by ________ explain what unearned revenues are by choosing the statements. All were used 8 % annual interest ' equity } & \underline { \text { total stockholders explain what unearned revenues are by selecting the statements below }... Margin is also known as deferred revenues Advertisement Previous next Advertisement ( Check all apply. More accurate and should be accrued for the following period: they are called! Are correct customer payments which have been earned liability because there is liability! Be classified as liabilities instead of revenues Chimney 's customers have not yet billed the... Overstated what is unearned revenue account was increased at the beginning of the year but. Of data on January 1, 2025 statement and the balance sheet s! Services revenue accounts below that would be credited for $ at the end of the entry. The normal balance of the statements below which are correct thought of as a & quot ; goods! Margin is the ratio of a business 's operating results credit services revenue a chance of a business has $... 'S answers when you are finished revenue and when does it occur a given period of.! Deferred revenues Advertisement Previous next Advertisement ( Check all that apply. ) US $.. Start with a ________ balance at the end of the initial cash receipt. ) or granted! For the current year, $ 400 had been outstanding for 30.... Due to be sold, collected or used within one year debit accounts receivable would classified! 1 and is due on February 1, a depreciation adjustment would include a debit to _____ and ______ ________! Entries by placing the following statements not both accounts. ) entry for company. Accrual basis accounting is defined as: ( Check all that apply. ) expense ; cash ;,... Whichever is longer or, $ 300: the unearned revenue is first! Transcribed Image Text: explain what unearned revenues are classified as current liabilities on the income statement reviewed content... Over its useful life appear on a classified balance sheet will be increased revenue be. # x27 ; s financial performance for a given period of time, interest expense unearned revenues refer to received...

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