Income received in advance is shown on the ________ side of the Balance Sheet. (Fill in the blank by choosing correct option)
a) debit
b) credit
c) asset
d) liability
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☑️Income received in advance is shown on the assets side of the balance sheet .
☑️Income received in advance is shown on the assets side of the balance sheet .
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Answer:
The correct option for the above given question is option D liability.
Explanation:
Income received in advance is shown on the liability side of the balance sheet.
Because income received in advance is unearned income and is earned on the basis of liability of a person.
And this income is not related to present our current income status and is earned in future.
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