When your expenses are more than your revenues, the revenue account will be a debit balance. You have lost money!
Default balance for revenue is credit balance so to reduce a revenue account it must be something with debit balance so debit is a decrease in revenue.
No. A revenue account should always show a credit balance.
Credit side of balance sheet.....Revenue is an Owners Equity account therefore has a Credit Balance.
Performed services is a revenue account and revenue account has credit balance as normal default balance so services performed also has credit balance.
all fixed assets a/c have a debit balance normally
When your expenses are more than your revenues, the revenue account will be a debit balance. You have lost money!
Default balance for revenue is credit balance so to reduce a revenue account it must be something with debit balance so debit is a decrease in revenue.
No. A revenue account should always show a credit balance.
Revenues has credit balance as default balance and as services revenue is also a revenue account it means it should have credit balance as well and not a debit balance.
Sales is a revenue account and like all revenue accounts sales also has credit balance as normal balance and cash or accounts receivable are debit against it.
Credit side of balance sheet.....Revenue is an Owners Equity account therefore has a Credit Balance.
Performed services is a revenue account and revenue account has credit balance as normal default balance so services performed also has credit balance.
all fixed assets a/c have a debit balance normally
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Revenue is an Owners Equity account therefore has a Credit Balance:
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.