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What would the journal entry be to record an accured revene?
[Debit] Revenue receivable [Credit] Accrued revenue
Is service revenue a revenue account?
Yes, it is, but accounts receivable is not.
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.
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.
Is accounts receivable revenue?
No it's current assets
How calculate accounts receivable turnover ratio?
the formula of calculating account receivable turnover = Net Sales/ average gross receivable
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.
What type of account is the rent receivable account?
Revenue account
Prepare general journal entries for the following transactions of this company for the current year?
DateItemDebitCredit25-AprNotes Receivable$4,500Sales$4,50024-JunInterest Receivable$75Interest Revenue$7524-JunAccounts Receivable$4,575Notes Receivable $4,500Interest Receivable$75
Is An account receivable is typically classified as a revenue?
No, accounts receivable is not classified as revenue. Instead, it represents amounts owed to a company by its customers for goods or services that have been delivered but not yet paid for. Revenue is recognized when the sale occurs, while accounts receivable reflects the outstanding balance that will convert to cash once payment is received.
What is the adjustment for service revenue earned but unbilled total 600?
debit account receivable credit service revenue
What is the Credit account for a Receivable account?
Sales revenue is a typical one. Dr. A/R Cr. Sales Revenue
