Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Post closing balance sheet (https://www.askmehelpdesk.com/showthread.php?t=223544)

  • Jun 5, 2008, 12:20 PM
    golfsforme
    Post closing balance sheet
    Do you close unearned revenue to the income summary?
  • Jun 5, 2008, 08:49 PM
    morgaine300
    No. You close revenues, expenses and drawing/dividends. Unearned revenues isn't earned, and therefore isn't revenue. It's a liability. Someone has paid the company in advance for something and they now have an obligation to do whatever work they do. Liabilities don't close.

  • All times are GMT -7. The time now is 03:13 AM.