dr Bank/Accounts Receiveable (A) xxx
cr Deferred Revenue (L) xxx
As it is a advance receipt the journal entry would be cash dr. to deferred revenue
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.
P&L A/C......Dr To Deffered revenue Expendature A/C
Deferred.
an deferred revenue is known as accounting
What Did you mean by deferred revenue tax
The bookkeeping entry for a revenue reserve is a debit to the retained earnings account and a credit to the revenue reserve account. This entry is made to set aside a portion of the profits as reserves for future use or to cover potential losses. By separating the revenue reserve from retained earnings, it allows for better tracking and management of the reserve funds.
Deferred revenue is recognized when cash received in advance for product or service that not delivered or rendered, so it's liability, once service fulfilled or product received Revenue Would be recognized Deferred revenue also Known as unearned revenue
Yes, deferred revenue is a current liability. It means that the revenue has yet to be earned, therefore it is still owed to the business or company.
debit
Revenue is not considered an assets. Even from a double entry point of view, revenue would be a credit where as assets are debits so there no even interchangeable. If revenue was kept on the balance sheet as deferred income it would be as a liability.
true