service revenue asset or liability
In your working papers indicate the classification for each of the following accounts. Asset Liability Owners Equity. Unearned Revenue Definition - Lets Ledger Once revenue recognition occurs it is earned revenue and becomes income. . It is a temporary debt to the business that. Service revenue is neither an asset nor a liability. The confusion is understandable though as when you earn service revenue your total assets also. The earned service revenue is recognized and recorded as the revenue in the income statement or income of profit loss of a business entity. To summarize service revenue is reported on an income statement and is not an asset. Money that the company owes to others eg. A service revenue is a component of the net income. Lending fees are typically the largest part of the total revenue. Service revenues are amounts. - Chegg Account Types -. For accounting purposes revenue is recorded on the income statement...