Cash received in advance of providing goods and service is called ________ aDeferred Revenues bPrepaid Expenses cAccrued Expenses dWarranties

When a business that receives cash in advance of performing a service, it is:a.Accrued expenseb.Prepaid revenuec.Prepaid expensed.Accrued revenue

If a business received cash in advance of services performed and credits a liability account, the adjusting entry when the services are performed will be a debit to Revenues Received in Advance account (or unearned revenue) and a credit to: Group of answer choices Cash. Service revenue. Prepaid expense. Accounts receivable.

Adjusting entry for accrued revenue is required when*a. cash is received for services renderedb. cash is received after the revenue is earnedc. cash is received before the revenue is earnedd. none of these

An item that represents the advance payment received by the firm for services to be rendered in the future is *a. unearned revenueb. accrued revenuec. accrued revenued. prepaid expense

5.  Cash received from customers prior to delivery of services is an example of