Accrued Expense c. Revenue is recognized after cash is received. Revenue is recognized. Cash is received. May. Cash is paid at the end of the quarter. Interest payable is a liability account.
Revenue is recognized after cash is received.
Cash is received. Revenue is recognized at the end of May and June. Revenue is recognized when Company A provides service. In this example, service is provided when time passes. Debit Credit Cash 3,000 Unearned rent revenue 3,000 Unearned rent revenue is a liability account.