In this accounting lesson, we explain what Income Received In Advance (Prepaid Income / Deferred Income / Unearned Revenue) is and how to journalize Income Received In Advance (Prepaid Income / Deferred Income / Unearned Revenue) as well as doing accruals adjusting entries. We also explain the accrual concept of accounting and how to do the journal entries for Income Received In Advance (Prepaid Income / Deferred Income / Unearned Revenue) when the income is earned.
Below are other videos on accruals:
Prepaid Expense Explained With Journal Entry and Adjusting Entry example: • Prepaid Expense Explai...
Accrued Income Explained With Journal Entry and Adjusting Entry Example: • Accrued Income Explain...
Accrued Expense Explained With Journal Entry and Adjusting Entry Example: • Accrued Expense Explai...
Statement of Financial Position (Balance Sheet) FULL EXAMPLE | Accounting Basics: • Statement of Financial...
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