I associate unrecorded revenue with revenues that were earned, but not yet recorded in a company's accounting records. For example, an electric utility will provide electricity to customers for up to one month before it reads the customers' meters, calculates the bills and records the billings as revenues and accounts receivable. As a result, the electric utility will have up to one month of unrecorded revenue. At each balance sheet date, the utility should accrue for the revenues it earned but had not yet recorded. This is done through an adjusting entry that debits a balance sheet receivable account and credits an income statement revenue account.
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