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what is unearned revenue and accounting entries of it.
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Answer Posted / kv
Unearned revenue generally occur in Billing in advance scenario where Billing is done and revenue is not yet accrued. The accounting entry for this transaction would be Dr Receivables A/c and Cr Unearned Revenue. Later on once the revenue is accrued the entry would be Dr Unearned Revenue and Cr Revenue a/c.
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