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Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
Is service revenue an asset or liability?
Services revenue is revenue same as product revenue and it is not an asset or liability of the business.
Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
Is service revenue an asset or liability?
Services revenue is revenue same as product revenue and it is not an asset or liability of the business.
Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Is sales asset liability or owners equity?
Sales are considered part of a company's revenue, which ultimately affects the owners' equity. When a company generates sales, it increases its income, leading to higher retained earnings, a component of owners' equity. However, sales themselves are not classified as an asset or liability; rather, they are part of the income statement that reflects the company's performance over a specific period.
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Do unearned fees go into an income statement?
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
Is interest income an expense asset or liability?
Interest income is part of revenue.
Gain on sale of land is an asset or revenue?
It's a revenue. However, it's not a "Sales revenue", it's a "Other revenue".
What are head of accounts?
There are Five heads of Accounts: Asset, Expense, Liability, Capital, Revenue.
Is Commission a revenue or an expense?
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
