describe the effect of the adjusting entry to show the earned amount of a previously recorded unearned revenue on the income statement and on the balance sheet by choosing the correct statements below. (check all that apply.)

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21-10-2022
Business

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describe the effect of the adjusting entry to show the earned amount of a previously recorded unearned revenue on the income statement and on the balance sheet by choosing the correct statements below. (check all that apply.)

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abhinavjh321 abhinavjh321 · Answer 1 · 2022-10-25T06:57:43-04:00

The adjusting entry has the following effects: 1-Reduced total liabilities, 2-Increased net income, 3-Reduced unearned revenue liability, 4-Increased revenue account.

A revenue account is a balance-positive account. It includes all of the government's revenue collections, commonly referred to as current collections. Tax receipts and other government receipts are included in these receipts. Tax revenues are the money collected by the government via the imposition of direct and indirect taxes and charges. Direct taxes include corporate tax, income tax, and others. Service tax, excise duty, and customs duty are examples of indirect taxes.

Other revenue come from sources such as interest, dividends, profits from public sector entities, fees, fines, and so forth. Included in revenue expenditures are costs that are not used to build assets or pay off creditors. Basically, these encompass the government's ongoing expenses.

Learn more about total liabilities here

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