Revenue In Accounting List
Sales revenue from selling goods to customers.
Revenue in accounting list. The best way to calculate a company s revenue during an accounting period year month etc is to sum up the amounts earned as opposed to the amounts of cash that were received. 12 revenue definition types accounts list financial accounting. Is used to record the interest earned by. As shown in the expanded accounting equation revenues increase equity.
This means that a credit in the revenue t account increases the account balance. Fees earned service revenue etc. Other account titles may be used depending on the industry of the business such as professional fees for professional practice and tuition fees for schools. Service revenue revenue earned from rendering services.
However most companies businesses give their revenue account a more specific name like. It is the principal revenue account of merchandising and manufacturing companies. For example if a new company sold 75 000 of goods in december but allows the customer to pay 30 days later the company s december sales are 75 000 even though no cash was received in december. These accounts are used interchangeably to record the main revenue amounts.
The revenue account is an equity account with a credit balance.