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Is Fees earned is decreased is it debited or credited?
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
When cash is received from sales which account is listed on the first line of the entry?
When cash is received from sales, the account listed on the first line of the journal entry is typically the "Cash" account. This account is debited to reflect the increase in cash assets. The corresponding credit entry usually goes to the "Sales Revenue" account, recognizing the income earned from the sale.
What is the entry for unearned commission?
The entry for unearned commission typically involves debiting a cash or accounts receivable account and crediting an unearned revenue account. This reflects the receipt of payment for services or sales that have not yet been performed. Once the commission is earned, the unearned revenue account is debited, and the commission revenue account is credited to recognize the income.
Are unearned revenues earned but not yet billed?
No, Unearned Revenue is revenue that the person/company has received from the customer but has not yet fulfilled the commitment that they are obligated to fulfill. A better example. Let's say you are a computer company and your customer orders a $1500 computer. The customer pays you for the computer but you haven't shipped the computer to the customer yet. The $1500 you received from the customer is unearned revenue. Unearned revenue is recorded as a liability until the obligation owed by your company has been fulfilled. This is because, even though your company has received the money for the order they have not fulfilled it and are liable to the customer to either fulfill the order as promised or if unable to do that, refund the customers money. The entries above would be something like.... Cash Debit $1500 Unearned Revenue Credit $1500 Once the order is fulfilled and the customer has been shipped the computer and adjusting entry would then be made to reflect that the revenue has been earned something like: Unearned Revenue Debit $1500 Revenue Credit $1500 This basically just moves the amount from the unearned revenue account to show that it has been earned. Cash had already been received so no adjusting entries would be required to the cash account. Revenues earned but not yet billed would be an account receivable. If the customer gets the computer and hasn't paid for it yet, you've earned the revenue that would come from the computer but you haven't received the money yet. At this point the customer owes you (the company) and accounts receivable is debited with the amount owed.
When cash payment is received for service rendered are asses credited or debited?
because you received cash, thus , the asset account increases: DR cash. This amount receiced and dercresed in fee erned (money paid for service) -> Cr Fee earned
Is Fees earned is decreased is it debited or credited?
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
When cash is received from sales which account is listed on the first line of the entry?
When cash is received from sales, the account listed on the first line of the journal entry is typically the "Cash" account. This account is debited to reflect the increase in cash assets. The corresponding credit entry usually goes to the "Sales Revenue" account, recognizing the income earned from the sale.
What is the entry for unearned commission?
The entry for unearned commission typically involves debiting a cash or accounts receivable account and crediting an unearned revenue account. This reflects the receipt of payment for services or sales that have not yet been performed. Once the commission is earned, the unearned revenue account is debited, and the commission revenue account is credited to recognize the income.
Are unearned revenues earned but not yet billed?
No, Unearned Revenue is revenue that the person/company has received from the customer but has not yet fulfilled the commitment that they are obligated to fulfill. A better example. Let's say you are a computer company and your customer orders a $1500 computer. The customer pays you for the computer but you haven't shipped the computer to the customer yet. The $1500 you received from the customer is unearned revenue. Unearned revenue is recorded as a liability until the obligation owed by your company has been fulfilled. This is because, even though your company has received the money for the order they have not fulfilled it and are liable to the customer to either fulfill the order as promised or if unable to do that, refund the customers money. The entries above would be something like.... Cash Debit $1500 Unearned Revenue Credit $1500 Once the order is fulfilled and the customer has been shipped the computer and adjusting entry would then be made to reflect that the revenue has been earned something like: Unearned Revenue Debit $1500 Revenue Credit $1500 This basically just moves the amount from the unearned revenue account to show that it has been earned. Cash had already been received so no adjusting entries would be required to the cash account. Revenues earned but not yet billed would be an account receivable. If the customer gets the computer and hasn't paid for it yet, you've earned the revenue that would come from the computer but you haven't received the money yet. At this point the customer owes you (the company) and accounts receivable is debited with the amount owed.
When cash payment is received for service rendered are asses credited or debited?
because you received cash, thus , the asset account increases: DR cash. This amount receiced and dercresed in fee erned (money paid for service) -> Cr Fee earned
Are revenue accounts increased on the debit side or credit side?
Revenue accounts are increased on the credit side. In accounting, revenues are recorded as credits because they represent income earned by a business. When a company earns revenue, it increases its equity, which is reflected by crediting the revenue account. Conversely, to decrease a revenue account, it would be debited.
When is an accounts receivable created?
An account receivable is created when a company has earned cash from a customer but has not yet received it.An accounts receivable is created when a business sells an item or items to a customer, but hasn't yet collected the payment. Many times, an invoice is mailed to the customer and the customer pays the invoice within 30 days, though the terms can vary.
What are the consequences of online banking?
The customer can logon to his bank account and view details of his account anytime he wants. He can also make transactions like funds transfer at his will and wish. The only consequence I can think of is that, if a customer loses or shares his credentials, malicious elements in the society (Fraudsters) can use that information to rob the innocent customer of his hard earned money.
Is fees earned a temporary account?
No.
What is the bank customer shares of the profit made of loans?
Savings account interest and all other forms of interest earned on deposits with a bank is a person's share of the bank's profit made on loans.
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
The accrual basis of accounting requires revenue be recorded when cash is received from customers?
False. Under the accrual basis of accounting, revenue is recorded when earned, not necessarily when cash is received. Revenue is earned when a sale is made, whether the customer pays cash or makes the purchase on account.
