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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

Unearned revenue is adjusted into an expense account at the end of the accounting period.

To determine

Identify whether the given statement is true or false.

Explanation

Unearned revenue:

Unearned revenue is the cash received in advance for delivering a product or for rendering a service.

Unearned revenue is a liability and it is recorded once the revenue is received regardless of whether the cash is received or not...

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