What type of account is unearned revenue


Question: Your client signs a 12-month rental agreement with your company on 1/1/07 for $12,000. What entry is required:

1. on 1/1/07?

2. on 1/31/07?

3. What type of account is "unearned revenue"?

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Accounting Basics: What type of account is unearned revenue
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