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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The cash received in advance before delivering a product or performing a service is called unearned revenue.

To determine

Identify whether the given statement is true or false.

Explanation

Unearned revenue:

Unearned is recorded as current liability on the balance sheet. In this case the cash is received in advance and the company is obliged to make payment to the customers for the product purchased or service received, or must refund the money if not satisfied by the customers...

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