A company can choose any period it wants to close its books, so it won't necessarily always be a month. It could be once a year, every 2 months, every quarter, bi-annual, etc.
If you get cash up front of 6,000 for the following 6 months, how is it not revenue? I would understand if they are paying the rent on account and we would debit accounts receivable 6,000 and credit revenue, but not cash yet. So how is that unearned revenue makes no sense
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Very systematic teaching with simplified examples. Easy to comprehend for beginners. Thank you wise and kind sir. God bless.
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Thank you for the reminder that unearned revenue is a liability.
I loved this video! Thank you so much.
3:55 very reassuring to hear that even you make these kinds of mistakes too.
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An educating lesson of accounting, many thanks!
A company can choose any period it wants to close its books, so it won't necessarily always be a month. It could be once a year, every 2 months, every quarter, bi-annual, etc.
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no, it's actual increase in assets. Cash's already received.
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3:25 you said in year four you recognized 4000 when you meant to say in year two
say if this was a real company, would the program remind you that the account has Zero balance since these are year end adjustments?
+Smiley J I was wondering the same thing.
Mahalo, Thanks ...really love your explanation !
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Another Home run...
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If you get cash up front of 6,000 for the following 6 months, how is it not revenue? I would understand if they are paying the rent on account and we would debit accounts receivable 6,000 and credit revenue, but not cash yet. So how is that unearned revenue makes no sense
Nice explanation.
Typically yes, but in this example he is simply illustrating 2 months of rent.
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