Fees earned is an asset or liability
WebQuestion: EX 1-8 Asset, liability, and owner's equity items OBJ.3 Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner's equity: a. accounts receivable b. accounts payable f. rent expense g. supplies d. fees earned e. land c. cash EX 1-16 Balance sheet items OBJ.5 From the following list of selected items taken from WebDec. 31 Accounts Receivable (amount earned as of year-end) Fees Earned Accrued Expenses – are expenses that have been incurred and a debt or liability is owed to a third party; however neither the expenses nor liability have been recorded. Dec. 31 Interest Expense (amount owed as of year-end) Interest Payable
Fees earned is an asset or liability
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WebBusiness Accounting Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. … WebMar 28, 2024 · In accounting, unearned revenue is prepaid revenue. This is money paid to a business in advance, before it actually provides goods or services to a client. Unearned revenue is a liability, or money a company owes. When the goods or services are provided, an adjusting entry is made.
WebNormal Balances of Accounts Identify each of the following accounts of Liken Services Co. as asset, liability, stockholders' equity, revenue, or expense, and state in each case … WebAsset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable b. Cash c. Fees earned d.
WebMar 2, 2024 · Are fees earned a asset? Answer and Explanation: Fees Earned is a revenue account, and like all revenue accounts, it eventually increases equity. See full answer below. ... A balance sheet comprises assets, liabilities, and owners’ or stockholders’ equity. Assets and liabilities are divided into short- and long-term … WebOct 20, 2024 · As a brief recap, the five core types of accounts are the following: Assets Expenses Liabilities Equity Income or revenue Your accounts help you sort and track your business transactions. Each time …
WebSep 25, 2024 · It contains the fee revenue earned during a reporting period. The amount reported as fees earned would be the amount of cash received from customers during …
WebMar 2, 2024 · Are fees earned assets or liabilities? Fees Earned is a revenue account, and like all revenue accounts, it eventually increases equity.See full answer below. What … bright star caregiving companyWebAccounting questions and answers. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Account a Land Type of Account Asset ... brightstar care google reviewsWebFeb 28, 2024 · ASC 860 requires that separately recognized servicing rights be measured initially at fair value. ASC 820 defines fair value as the price that would be received to … brightstar care frederick md