Which of the following is NOT a balance sheet account?

• A. Unearned Revenue
• B. Service Revenue
• C. Accounts Receivable
• D. Retained Earnings

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the difference between balance sheet accounts and income statement accounts. Balance sheet accounts represent assets, liabilities, and equity at a specific point in time, while income statement accounts represent revenues and expenses over a period of time.
2. Step 2: Identify each option's account type. Unearned Revenue is a liability account on the balance sheet because it represents money received before services are performed.
3. Step 3: Recognize that Accounts Receivable is an asset account on the balance sheet, representing money owed to the company by customers.
4. Step 4: Retained Earnings is an equity account on the balance sheet, showing accumulated profits retained in the business.
5. Step 5: Service Revenue is a revenue account, which appears on the income statement, not the balance sheet. Therefore, it is NOT a balance sheet account.