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The revenue earned will be reported as part of sales revenue in the income statement for the current accounting period.
Journal entry for revenue earned on credit. Accrued revenue refers to a company s revenue that has been earned through a. The accountant would make an adjusting journal entry in which the amount of. It is recognized as a current asset in the balance sheet since the company has already provided goods or services. Credit sales revenue 11000.
0 0 1. An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. Therefore the company expects to receive the payment within 12 months. At the end of 12 months all the unearned service revenue unearned will have been taken to the service revenue account earned.
A similar situation occurs if cash is received from a customer in advance of the services being provided. The accrual journal entry to record the sale involves a debit to the accounts receivable account and a credit to sales revenue. What is the journal entry for revenue earned during the month included 6000 cash and 5000 on account. A deferred credit is money.
If the sale is for cash debit cash instead. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles.
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