General
Adjusting Entry for Unearned Revenue
Recognizing revenue that was previously collected as an advance payment.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Unearned Revenue | Liability (-) | 5,000.00 | - |
| Service Revenue | Revenue (+) | - | 5,000.00 |
💡 Accountant's Note
As the work is completed, you move the amount from the liability (Unearned) to the income statement (Revenue).
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