Question

Why is income received in advance a personal account.

Answer 1

$:\pink \implies$ Advance payments are recorded as assets on a company's balance sheet. As these are expensed, they are recorded on the income statement for the period incurred. Yes, income received in advance is recorded in the balance sheet.

Answer 2

Answer:

Advance payments are recorded as assets on a company's balance sheet. As these are expensed, they are recorded on the income statement for the period incurred. yes , income receive in advance is recorded in the balance sheet... the outstanding expense is a personal account and is treated as a liability for business.