Difference between revisions of "Deferred Income"
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Link: <nowiki>https://www.youtube.com/watch?v=S0A9Y-K3DJA</nowiki> | Link: <nowiki>https://www.youtube.com/watch?v=S0A9Y-K3DJA</nowiki> | ||
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Revision as of 05:11, 16 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
