vikingleif
Sep 23, 2009, 04:47 PM
Need to find answer for unearned management fees expense!!
vikingleif
Sep 23, 2009, 04:48 PM
Here is the question-
The unearned management fees were received and recorded on October 1, 1984. The advance payment covered six months management of an apartment building.
Addi38
Sep 24, 2009, 01:40 AM
Unearned Income is a Liability representing Income received but not yet earned. This applies to advanced payments received.
To record income from these is to debit the liability account (780)and credit Income (Mgmt Fee)(780)