Deferred Revenue Adjusting Entries Examples, Samples, Illustrations, Calculation Help Online
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Meaning of Deferred Revenue Adjusting Entries
Deferred Revenue is that revenue which is received in advance but against it either sale is yet to be made or service is yet to be rendered. Such revenue is considered as a liability. It is considered as income only when goods or services have been delivered or rendered. The deferred revenue is also called as unearned revenue or income received in advance. The adjusting entry for deferred revenue is as follows
Revenue a/c Dr.
To Deferred Revenue a/c
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Deferred Revenue Adjusting Entries Examples Explanation
Let me explain it with the help of an example.
Example: Rent received during the accounting period Dec 31, 2016 is $36000 including $6000 for the next accounting period Jan 31, 2017. In this case the rent of $6000 should be credited to the profit and loss a/c of the year 2016 so that the income of the current year is not overstated. This requires following adjusting entry
Rent Received a/c Dr. $6000
To Deferred Rent a/c $6000
Rent Received a/c ($30000) is transferred to the credit side of profit and loss a/c and deferred rent is shown as liability in the balance sheet.
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