The type of account and normal balance of Unearned Fees is a. liability, credit b. liability, debit c. revenue, credit d. expense, debit

Question

Business

Richardson

19 October, 10:29

The type of account and normal balance of Unearned Fees is a. liability, credit b. liability, debit c. revenue, credit d. expense, debit

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Answers (1)

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Leonardo Sherman · Answer 1

The correct answer is (A)

Explanation:

An unearned fee on unearned income is the amount which is added to an account but not received yet. These accounts are usually liability and credit account. It is a liability because it has not received yet. So the general entry of this account is; debit to the cash account and credit to the unearned account.