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Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
What is the journal entry to close a revenue account?
debit revenuecredit income statement
Do unearned fees go into an income statement?
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
What account do earned revenue go in on a balance sheet?
Earned revenue is part of income statement and it is not shown under balance sheet.
The income statement is prepared from what?
The Income Statement is prepared from the balances of some of the General Ledger Accounts. The General Ledger Accounts are split between the Income Statement and the Balance Sheet. The Account types used by the Income Statement are Revenue, Costs and Expenses.
Where does rent revenue go on an income statement?
Rent revenue appears under the Non-Operating Revenue Section on the income statement.
Where does unearned service revenue go on a multiple step income statement?
unearned service revenue is on the balance sheet not the income statement so the answer is nowhere. service revenue is on the income statement under revenues.
Income summary also called?
The income summary is also referred to as the revenue summary or the profit and loss statement. It serves as a temporary account used to close revenue and expense accounts at the end of an accounting period.
Where does other or rent revenue go on the income statement?
Other or rent revenue is also revenue which is not from basic operations of business that's why this revenue is shown as other revenue in income statement.
Service revenue on a balance sheet?
I'm not sure I fully understand your question. Revenue would never be on a balance sheet, it is an income statement account.
Does interest revenue go on income statement?
Yes all revenues are part of income statement and interest revenue also that’s why it is shown in income statement as other income.
