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Introduction

Amounts received before the actual earning of revenues are known as unearned revenues. They arise when customers pay in advance of the receipt of goods or services. Because the company has received cash but has not yet given the customer the purchased goods or services Brandon Parker Raiders Jersey , the unearned revenues are in fact liabilities. That is, the company must provide something in return for the amounts received.

Accounting For Unearned Revenue

There are two characteristics of adjusting entries. First, adjusting entries made at the end of an accounting period do not involve cash. Cash has either charged hands prior to the end of the period, or cash will change hands in a future period. It is precisely because cash is not changing hands on the last day of the accounting period that most adjusting entries must be made. Second Mario Edwards Jr Raiders Jersey , each adjusting entry involves a balance sheet account and an income statement account. In each case requiring adjustment, we are either

• Generating an asset,
• Using up an asset,
• Recording an incurred but unrecorded expense Karl Joseph Raiders Jersey , or
• Recording revenue that has yet to be earned

Knowing that adjustment entry has at least one balance sheet and one income statement account makes the adjustment process a little easier. Once you have determined that an adjusting entry involves a certain balance sheet account, you can then focus on identifying the corresponding income statement account that requires adjustment.

Is Unearned Revenue An Asset Or A Liability?

Unearned revenues are revenues collected in advance even though they are not yet earned. In other words, the business already collected cash before it performed the services or sold the product to its customers. Unearned revenue are classified as current liabilities because the business is obligated to perform a service or sell a product in the future in exchange for the cash that it collected in advance. Typical examples of unearned revenues are collecting advanced subscription payment for magazines or newspaper, selling season tickets to sports events David Sharpe Raiders Jersey , collecting advanced rent from tenants, restaurants collecting deposits for reservations, lottery ticket receipts good for several drawings collected in advance, etc. It is important to record properly what portion of customer advances have been earned Eddie Vanderdoes Raiders Jersey , which should be appropriately recorded as revenues and what portion is unearned which should be appropriately recorded as liability.

Examples Of Unearned Revenue

A building contractor may require a deposit before proceeding on construction of a house. Upon receipt of the deposit, the contractor has unearned revenue, a liability. The contractor must construct the house to earn the revenue. If the house is not built, the contractor will be obligated to repay the deposit.

Conclusion

Unearned revenue is a cash amount received before they have been earned. Unearned revenue is a tricky name for a liability. Liabilities are reported in the balance sheet. Don’t make the mistake of including unearned revenue with the revenues on the income statement.
A sump pump - flooded basement or not Obi Melifonwu Raiders Jersey , every basement needs one. If you have ever had a leak or flooding in your basement, you already know that this will come in handy. If you haven't had any such experience but have your washer and dryer in the basement, you still need one because there is always a possibility that you might get a leak that could lead to a flooded basement.

Basements usually have sumps . A sump is the lowest area in your basement towards which any water that leeks or seeps into the basement will flow. By law of gravity, water flows downwards so if your clothes washer springs a leak Gareon Conley Raiders Jersey , the water will accumulate at the sump. Some homes have sump pits. A sump pit is a hole at the bottom of the basement where the water that gathers at the sump is intended to be collected. Usually this pit is connected to a sump pump that pumps the accumulated water out.

Types of sump pumps

There are three types of sump pumps: the pedestal or upright type, the submersible type, and the portable sump pump.

The pedestalupright sump pump is a pump where the motor is mounted on a pedestal. The base of the pump rests on the bottom of the sump pit, and the motor lies on top of the pedestal where it is out of reach of the water. There is an onoff switch that is controlled by the position of a ball float. When water rises in the pit P.J. Hall Raiders Jersey , the ball float lifts up and causes the motor to switch on. Water is then drawn from the pit and is pumped out through a pipe that leads to the drain. As the water is pumped out, the ball float drops down and switches the motor off. This type of sump pump is the most common and least expensive. If you have a problem in your house such as a frequently flooded basement, this is a must-have.

The second type is the submersible sump pump, which is entirely mounted inside the sump pit. It is specially sealed to prevent short circuiting. This type is more expensive than the pedestal pump Kolton Miller Raiders Jersey , requires little maintenance, and can run for a longer continuous period without damaging the motor.

The portable sump pump is not attached to the sump pit; it can be carried and stored away easily. Portable sump pumps relatively inexpensive, and you can get one for less than a hundred dollars.

Choosing the right pump

Your choice of pump will depend on how often you get a flooded basement, your budget Giorgio Tavecchio Limited Jersey , and how high the water in your flooded basement is. Sump pumps vary in motor capacity and the number of gallons they can pump per minute. Us. Cheap Air Max Cheap Air Max Thea Cheap Nike Air Max 95 Air Max 2018 Outlet Cheap Soccer Jerseys China Cheap Authentic Hockey Jerseys Cheap Authentic Football Jerseys Cheap New NBA Jerseys Cheap Baseball Jerseys Online Cheap New NCAA Jerseys