By the use of accrual method, the unearned revenue as of December 31 1 is $12,000.
What is Accrual accounting?
This is known to be an accounting method where the revenue or expenses are known to be recorded and a transaction is said to exist that matches its principle,
Note that in this scenario, revenues and expenses should be recognized in the same period. So, By the use of accrual method, the unearned revenue as of December 31 1 is $12,000.
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On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31
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