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how do I post adjusting entry for unearned revenue?

how do I post adjusting entry for unearned revenue?

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Answer #1

Adjusting entry for unearned revenue:

Sl No.

Accounts Title and Explanation

Debit

Credit

Unearned Revenue Account

Amount

        Revenue Account

Amount

Unearned revenue which is a liability account is debited when unearned revenue account is adjusted with revenue earned and Revenue account is credited for revenue earned. Unearned revenue depicts advance receipts from customers for services to be performed in future or goods to be delivered in future. Initially, Cash account was debited and unearned revenue account was credited for receipt of advance from customers.

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