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Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
Wiki User
∙ 10y ago
combind revenue accounts
Wiki User
∙ 10y ago
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Revenues from credit sales may be earned before they are collected in cash do you agree?
Yes, if the product or service is rendered to the customer and said customer has not paid the amount, the revenue has been earned, not collected, to record this transaction you would Debit Accounts Receivable (to show that the service or product has been rendered) and Credit Revenue (income). Once payment is received, then to show money has been collected, you Debit Cash and Credit Accounts Receivable (you no longer have to touch your sales/revenue account as the amount is already listed as being earned).
What is the journal entry collected of the amount billed?
[Debit] Cash xxxx [Credit] revenue xxxx
What would happen if you recorded a capital expenditure as a revenue expenditure?
if you recored revenue expediture as capital expediture your profit will be decrease by that amount
What account that would be credited for the amount of tax collected on sales?
accounts payable
What purchase of supplies on account is recorded in the?
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
Revenues from credit sales may be earned before they are collected in cash do you agree?
Yes, if the product or service is rendered to the customer and said customer has not paid the amount, the revenue has been earned, not collected, to record this transaction you would Debit Accounts Receivable (to show that the service or product has been rendered) and Credit Revenue (income). Once payment is received, then to show money has been collected, you Debit Cash and Credit Accounts Receivable (you no longer have to touch your sales/revenue account as the amount is already listed as being earned).
What is the journal entry collected of the amount billed?
[Debit] Cash xxxx [Credit] revenue xxxx
What would happen if you recorded a capital expenditure as a revenue expenditure?
if you recored revenue expediture as capital expediture your profit will be decrease by that amount
What account that would be credited for the amount of tax collected on sales?
accounts payable
What purchase of supplies on account is recorded in the?
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
If an amount is recorded on the side of a T account opposite the normal balance side the account balance is?
decreased
What can nevenu spell?
Perhaps you are looking for the word revenue, meaning the amount of money received by a company for goods sold, or by a government from taxes collected.
Is an account 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.
Why is unearned revenue a liability instead of a revenue account?
Unearned revenue accounts represent the amount of cash received before services are provided. Since services have not been provided yet, it is not revenue. (It represents the obligation for future services in order for the revenue to be earned.)
What is the suspense capital?
A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account.
What is the balance of payments account that records the amount of foreign currency the government buys or sells?
official revenue accounts
What happens if If an amount is recorded on the side of a T account the normal balance side?
decreased
