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Subjects>Law & Government>United States Government

Does revenue include accounts receivable

Updated: 8/19/2023

CandiceMa ∙

Lvl 1

∙ 13y ago

Best Answer

Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.

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Q: Does revenue include accounts receivable

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Still have questions?

Is service revenue a revenue account?

Yes, it is, but accounts receivable is not.

Is accounts receivable a revenue?

Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.

How calculate accounts receivable turnover ratio?

the formula of calculating account receivable turnover = Net Sales/ average gross receivable

Is an account receivable a revenue?

Is accounts receivable revenue?

No it's current assets

What to debit after increasinf accounts receivable?

the debit will be to the accounts receivable because a debit increases it. the offset account in this entry is usually a revenue account. so therefore a credit to revenue.

How do you explain accounts receivable in a journal entry?

Debit accounts receivableCredit sales revenue

How do you record Accounts Receiveable?

[Debit] Accounts receivable xxxx [Credit] Sales revenue xxxx

What accounts are affected when services are provided on account?

Accounts Receivable - Debit Service Revenue - Credit

Is revenue a cash or debit?

Revenue is always credit as all revenue accounts has credit balance as normal balance and cash received or accounts receivable is debit against it.

What is journal entry for cash receivable from debtors?

Dr Cash at Bank $5000Cr Accounts receivable - MK Kapital $5000(To record payment from debtor/accounts receivable - MK Kapital)

How do you jourmalize sales on account?

[Debit] accounts receivable [Credit] Sales revenue

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