Defferal questions: 1) Were payment for any goods and/or services received in a prior period, before...

Defferal questions:

1) Were payment for any goods and/or services received in a prior period, before being earned, and shown on the balance sheet as unearned revenue? If yes, was some or all of that revenue earned during the current period?

2) Were any payments made in prior periods, for expense items not yet incurred, and shown on the balance sheet as prepaid expenses?If yes, was some or all of that expense incurred during the current period?

Expert Solution

Only the expense incurred during year shall be charged in income statement expense yet to paid though incurred will be shown in liability side.

ekkarill92 answered 1 year ago

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