There are two sides to the entry, upon cash receipt you debit cash, credit deferred income. To apply the deferred income, the entry is debit deferred income and credit revenue.
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
[Debit] rent income receivable [Credit] rent income
There are two sides to the entry, upon cash receipt you debit cash, credit deferred income. To apply the deferred income, the entry is debit deferred income and credit revenue.
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
Income will only be recorded when it will received an no entry on contract.Entry at time of received:[Debit] cash / bank[credit] income
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
[Debit] rent income receivable [Credit] rent income
Debit cash / bankCredit other income
dr. income tax expense cr. income tax payable
income recived a/c dr to unearned income
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
Debit interest receivableCredit interest income
debit interest receivablecredit interest income