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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

An account that has unearned in its name is classified as what type of account?

  1. a. Asset
  2. b. Liability
  3. c. Revenue
  4. d. Owner’s equity
  5. e. Expense

To determine

Identify the type of account that has unearned.

Explanation

Justification for correct answer:

Option b: Unearned is a amount that has not been earned during the year, any amount that is being unearned is treated as a liability to the company. Therefore, option b is the correct answer.

Justification for incorrect answers:

Option a: Asset is a resource for the company. Therefore, it is an incorrect answer.

Option c: Revenue is the amount earned from the operations carried out by the company during the year...

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