Question

The title of the Liability Account that reports Accounts that were received by the company before they are earned is known asThe debts owing to others by the business is known as

Answer 1

Answer:

Creditors

Explanation:

Creditors are those whom we own money

Answer 2

Answer:

The title of the Liability Account that reports Accounts that were received by the company before they are earned is known as Deferred Or Unearned revenue.

The debts owing to others by the business is known as Liabilities

Explanation:

• Prepaid expenses are money received in accrual accounting for goods or services that have not yet been acquired.
• Under the principle of revenue recognition, they are recognized as liabilities until delivery and converted into revenue at the time of delivery.

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