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Which of the following accounts would not appear in the Balance Sheet columns of the end-of-period spreadsheet?
A) Terry James, Drawing
B) Service Revenue
C) Unearned Revenue
D) Terry James, Drawing and Unearned Revenue
Service Revenue
The income a company earns from providing services as opposed to selling physical goods, and it is recorded as it is earned in the accounting period.
Balance Sheet Columns
Sections in a balance sheet that categorize assets, liabilities, and shareholder's equity at a specific point in time.
Unearned Revenue
Money received by a company for goods or services not yet delivered or provided; often considered a liability.
- Distinguish between the accounts listed on the Balance Sheet and those presented on the Income Statement.
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Learning Objectives
- Distinguish between the accounts listed on the Balance Sheet and those presented on the Income Statement.
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