Consulting Revenue Received In Advance Journal Entry
When the company received consulting fees in advance from its client, then it is a Current Liability for the company’s business as still the services are not rendered to the client, so it is not earned for the accounting period and also t he payment received by t he company in advance. Unearned Consulting Fees / Revenue is shown on the Balance Sheet . In the case of consulting fees received in advance in cash / bank, the following entry is recorded as shown below: Cash a/c / Ba nk a/c XXX Unearned Consu...