Reversing entries maybe used in unearned income when the originalI pointcollection is recorded as*AssetLiabiltyExpenseIncome

Answer In a business unearned income record as a assets instead of a liability.

Answered: Reversing entries maybe used in…

Reversing entries maybe used in unearned income when the original 1 point collection is recorded as Asset Liabilty Expense O Income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Reversing entries maybe used in unearned income when the original
I point
collection is recorded as
*
Asset
Liabilty
Expense
Income

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