Question

Defination of unearned income of accountany equation

Answer 1

Answer:

• Unearned income or deferred income is a receipt of money before it has been earned. This is also referred to as deferred revenues or customer deposits.

• The unearned amount is initially recorded in a liability account such as Deferred Income, Deferred Revenues, or Customer Deposits.

Answer 2

Definition of Unearned Income

Definition of Unearned IncomeUnearned income or deferred income is a receipt of money before it has been earned. This is also referred to as deferred revenues or customer deposits. The unearned amount is initially recorded in a liability account such as Deferred Income, Deferred Revenues, or Customer Deposits.