Since COGS is a cost of doing business, it is recorded on the income statement as a business expense. An expense account records all the increases in liabilities from delivering goods or services to customers or all the decreases in the owners’ equity that...
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ContentExample #1 of Unearned IncomeCriteria for Unearned RevenueJournal Entries for Unearned RevenueRecording unearned revenue In April when the first service is provided, the company will debit the liability account Unearned Revenues for $60 and will credit the income statement account Service Revenues for $60. At the...
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Content Should You Write Another Check? Personal Loan Why Outstanding Checks Matter Outstanding check definition An outstanding check is a check payment that is written by someone but has not been cashed or deposited by the payee. The payor is the entity who writes the check, while the payee is...
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