Earned revenues represent future revenues that have been collected but not yet earned

Accounting Jan 28, 2021

Earned revenues represent future revenues that have been collected but not yet earned.

true or false

Expert Solution

The above statement is false. The correct statement is that "The Unearned Revenue Account represents revenue that has been Collected, but not yet Earned". For Example: Advance rent payments, Annual subscriptions for a software license, and Prepaid insurance.

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