You can start this week. Deferred revenue, also called unearned revenue, is recognized as a liability on a company’s balance sheet. Typically, you’ll see deferred revenue on the balance sheet ...

At that point, it can remove the liability from the balance sheet and record the unearned revenue as revenue on its income statement. Source: Getty Images. If a company sells a good or service ...

The cash receipt form should be used to deposit the funds into unearned revenue, liability accounts 150200–150299. Upon providing the goods/services, a journal entry should be completed to reduce ...