Earned and Unearned Revenues – Understanding the Difference

Earned and Unearned Revenues – Understanding the Difference Initially, the insurance company records this transaction by increasing an asset account (cash) with a debit and by increasing a liability account (unearned revenue) with a credit. After one month, the insurance company makes an adjusting entry to decrease (debit) unearned revenue and to increase (credit) revenue […]

Features of Accrual Basis of Accounting Assignment Help Homework Help Online Tutor Help

Features of Accrual Basis of Accounting Assignment Help Homework Help Online Tutor Help For example, a business makes a sale of Rs. 10,000 in July and gets paid in August. In accrual basis of accounting, the revenue that is earned from the 10,000 rupees sale is reported in July even though the business receives the […]