Upon signing of the contract i am considering creating a journal entry that debits deferred revenue and credits revenue for the total booking i e 50k. In simple terms deferred revenue means the revenue that has not yet been earned by the products services are delivered to the customer and is receivable from the same. And you will credit your deferred revenue account because the amount of deferred revenue is increasing.
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revenue is on what financial statement
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revenue is earned when
revenue is an asset true or false