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Is revenue credited or debited?
Revenue is income or a credit.
What is the journal entry for prepaid revenue?
prepaid revenue is debited and revenue is credited
What account is credited When an enterprise is the recipient of a donated asset?
The revenue account.
What will a decrease a revenue and a increase liability?
I can think of nothing that will do that in one transaction. Revenue generally does not effect your liabilities. Revenue is an Owners Equity account and most transactions in revenue effect that, not liabilities. (there is one exception and it is explained later on.)Expenses decrease revenue, which in turn decreases retained earnings which effects owners equity.Dividends Paid decrease retained earnings, which in turns also effects owners equity.The only time any "revenue" has an effect on liabilities is if it is an "unearned" revenue. An unearned revenue is a liability, however, it "increases" your liabilities and increases your assets at the same time. Once the unearned revenue is "earned" it then increases your "revenue" and you decrease your liability.
Does earning revenue affect the accounting equationig in it increases owner's equity?
yes, revenue is a part of the owner's equity
Is revenue credited or debited?
Revenue is income or a credit.
What is the journal entry for prepaid revenue?
prepaid revenue is debited and revenue is credited
What account is credited When an enterprise is the recipient of a donated asset?
The revenue account.
What will a decrease a revenue and a increase liability?
I can think of nothing that will do that in one transaction. Revenue generally does not effect your liabilities. Revenue is an Owners Equity account and most transactions in revenue effect that, not liabilities. (there is one exception and it is explained later on.)Expenses decrease revenue, which in turn decreases retained earnings which effects owners equity.Dividends Paid decrease retained earnings, which in turns also effects owners equity.The only time any "revenue" has an effect on liabilities is if it is an "unearned" revenue. An unearned revenue is a liability, however, it "increases" your liabilities and increases your assets at the same time. Once the unearned revenue is "earned" it then increases your "revenue" and you decrease your liability.
What happens to surplus when revenue increases?
the customer surplus increase
Does earning revenue affect the accounting equationig in it increases owner's equity?
yes, revenue is a part of the owner's equity
What account would increase with a decrease in the inventory account?
The following will increase: Expense and Revenue Accounts Cost of Goods Sold - Credited Sales Revenue - Credited Balance Sheet Accounts Assets Accounts Accounts Receivable or Cash depending on payment terms will be debited
In which types of accounts are increases recorded by credits?
Liabilities, Sales revenue, Capital.
If marginal revenue product capital increases the demand or supply curve?
Demand.
When a business entity receives payment before delivering goods what is the unearned revenue account?
In accrual-based accounting, you would not recognize revenue before delivering the goods. You would typically have a liability account for "deferred revenue."
How does rendering of services for cash affect the accounting equation?
cash assets increase Equity increases as sales revenue increases and net income increases. No effect on Liabilities and Expenses
True or false revenue is a decrease in owners equity?
False, as revenue increases the owners equity if expenses are less than revenues and vice versa.
