Difference between revisions of "Deferred Income"
From AYSO Wiki
m |
m |
||
| Line 3: | Line 3: | ||
On 6/30/xx of each year we will do a journal entry to record deferred income. And we will do a journal entry on 7/1/xx of each year transferring the income from a liability to revenue recognition. | On 6/30/xx of each year we will do a journal entry to record deferred income. And we will do a journal entry on 7/1/xx of each year transferring the income from a liability to revenue recognition. | ||
| − | Link: | + | Link: <nowiki>https://www.youtube.com/watch?v=S0A9Y-K3DJA</nowiki> |
Revision as of 16:23, 14 December 2022
Deferred Income is money received for services which has not yet been earned. (Example: a new year registration is open, and one receives payment for the new year. We will record it as deferred income until the new year begins.)
On 6/30/xx of each year we will do a journal entry to record deferred income. And we will do a journal entry on 7/1/xx of each year transferring the income from a liability to revenue recognition.
Link: https://www.youtube.com/watch?v=S0A9Y-K3DJA
