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Is fees earned a revenue account?
Yes, fees earned is considered a revenue account. It represents the income generated from providing services to clients or customers. This account is typically recorded on the income statement and reflects the amount earned during a specific period, contributing to the overall revenue of a business.
Revenues from credit sales may be earned before they are collected in cash do you agree?
Yes, if the product or service is rendered to the customer and said customer has not paid the amount, the revenue has been earned, not collected, to record this transaction you would Debit Accounts Receivable (to show that the service or product has been rendered) and Credit Revenue (income). Once payment is received, then to show money has been collected, you Debit Cash and Credit Accounts Receivable (you no longer have to touch your sales/revenue account as the amount is already listed as being earned).
What is the journal entry collected of the amount billed?
[Debit] Cash xxxx [Credit] revenue xxxx
What account that would be credited for the amount of tax collected on sales?
accounts payable
What would happen if you recorded a capital expenditure as a revenue expenditure?
if you recored revenue expediture as capital expediture your profit will be decrease by that amount
Is fees earned a revenue account?
Yes, fees earned is considered a revenue account. It represents the income generated from providing services to clients or customers. This account is typically recorded on the income statement and reflects the amount earned during a specific period, contributing to the overall revenue of a business.
Revenues from credit sales may be earned before they are collected in cash do you agree?
Yes, if the product or service is rendered to the customer and said customer has not paid the amount, the revenue has been earned, not collected, to record this transaction you would Debit Accounts Receivable (to show that the service or product has been rendered) and Credit Revenue (income). Once payment is received, then to show money has been collected, you Debit Cash and Credit Accounts Receivable (you no longer have to touch your sales/revenue account as the amount is already listed as being earned).
What is the journal entry collected of the amount billed?
[Debit] Cash xxxx [Credit] revenue xxxx
What account that would be credited for the amount of tax collected on sales?
accounts payable
What would happen if you recorded a capital expenditure as a revenue expenditure?
if you recored revenue expediture as capital expediture your profit will be decrease by that amount
What purchase of supplies on account is recorded in the?
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
The amount of sales tax collected on a sale is entered into an account titled?
The amount of sales tax collected on a sale is typically entered into an account titled "Sales Tax Payable." This account represents a liability for the business, as it is money collected from customers that must be remitted to the government. It ensures accurate tracking of the sales tax owed and helps maintain compliance with tax regulations.
A customer pays their account how is this recorded?
When a customer pays their account, the transaction is recorded by debiting the cash or bank account to reflect the increase in funds and crediting the accounts receivable to decrease the amount owed by the customer. This entry ensures that the financial records accurately represent the receipt of payment and the reduction of outstanding debts. Additionally, it may also involve updating the customer’s account balance and reflecting the payment in sales or revenue reports.
If an amount is recorded on the side of a T account opposite the normal balance side the account balance is?
decreased
What is the name of the revenue account used by merchandise companies?
The revenue account used by merchandise companies is typically called "Sales Revenue" or simply "Sales." This account records the income generated from the sale of goods to customers. It reflects the total amount earned before any deductions such as returns, allowances, or discounts.
What can nevenu spell?
Perhaps you are looking for the word revenue, meaning the amount of money received by a company for goods sold, or by a government from taxes collected.
Is an account receivable a revenue?
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.
