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Describe what is meant by unearned revenues and give two examples.
Service Charge Expense
Costs incurred by a company for the services provided by another entity, often including bank fees or utilities.
Factoring Receivables
A financial transaction where a business sells its accounts receivable to a third party at a discount in exchange for immediate cash.
Allowance for Doubtful Accounts
A contra asset account on a company’s balance sheet that represents the amount of receivables it does not expect to collect.
Credit Sales
Sales transactions where the customer is allowed to pay at a later date, typically generating accounts receivable.
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