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What else can I help you with?
Is revenue a balance sheet account?
Revenue is not part of balance sheet rather it is part of income statement as it is the amount earned by selling goods or services.
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.
Is admission revenue credit or debit in balance sheet?
Credit side of balance sheet.....Revenue is an Owners Equity account therefore has a Credit Balance.
Service revenue on a balance sheet?
I'm not sure I fully understand your question. Revenue would never be on a balance sheet, it is an income statement account.
Do you report unearned revenue on the income statement?
Unearned revenue is liability for business as amount is received but services are not provided that's why it is liability until it is earned and shown in balance sheet.
What effect does revenue in the income statement have on balance sheet assets?
When you report revenue, you will either increase cash or accounts receivable on the balance sheet depending on whether the cash was collected when earned.
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!)
Would service revenue appear on the balance sheet?
Service revenue will appear on the income statement as a revenue account. It will indirectly effect the balance sheet in that it will be accompanied by an increase in either cash, accounts receivable, unbilled revenue (assets) or a decrease in unearned revenue (liability).
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
How can one determine revenue on a balance sheet?
To determine revenue on a balance sheet, look for the line item labeled "Revenue" or "Sales" under the income statement section. This figure represents the total amount of money earned from selling goods or services during a specific period.
Acrued revenues would appear on the balance sheet as what?
Accrued Revenues are those revenues which have earned by the company but not yet recieved. Accrued revenue is shown under current assets in balance sheet
Would service revenue be considered an asset?
Revenue is not considered an assets. Even from a double entry point of view, revenue would be a credit where as assets are debits so there no even interchangeable. If revenue was kept on the balance sheet as deferred income it would be as a liability.
