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    daisyduran123's Avatar
    daisyduran123 Posts: 1, Reputation: 1
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    #1

    Oct 22, 2013, 11:28 PM
    Does an unearned interest income an asset
    Does an unearned income belongs to a balance sheet? If it is a balance sheet category, then is it belong to the asset account or liability account? IS it a current asset or current liabilities?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 23, 2013, 12:12 PM
    Unearned Income is where somebody paid you in advance for a good or service. It appears on the balance sheet as a liability because you have to provide a good or service in the future like for a magazine subscription.
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