As it is a advance receipt the journal entry would be
cash dr.
to deferred revenue
Debit deferred expenses
Credit expenses payable
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.
dr Bank/Accounts Receiveable (A) xxx cr Deferred Revenue (L) xxx
prepaid revenue is debited and revenue is credited
Accrued Revenue is a term that I rarely see, though it is an Asset and should be treated as such. Accrued Revenue would be treated similar to an Account Receivable. The Journal Entry would be a Debit to Accrued Revenue and a Credit to Revenue.
P&L A/C......Dr To Deffered revenue Expendature A/C
Deferred.
Debit accounts receivableCredit sales revenue
Debit revenue accountCredit income statement
debit cashcredit professional fee revenue
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
debit cashcredit sales revenue
Debit accounts receivableCredit sales revenue