Asked by
Shannon Grecco
on Nov 15, 2024Verified
Unearned Rent Revenue results because:
A) no fee has been paid, and the service is not complete.
B) the fee is earned but not collected.
C) the fee has been collected before the service has been provided.
D) the fee has been paid, and the service is complete.
Unearned Rent Revenue
Income received by a landlord for rent that has yet to be earned, typically relating to payment received in advance for future rental periods.
Service
A non-tangible good provided to consumers or businesses, such as consulting, banking, or cleaning, which can't be stored or physically possessed.
Fee
A charge for services provided or the right to participate in an activity or access certain benefits.
- Obtain an understanding of the process for recognizing and adjusting unearned financial gains.
Verified Answer
HI
Learning Objectives
- Obtain an understanding of the process for recognizing and adjusting unearned financial gains.