Service Revenue Journal Entry
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As entry is passed for every transaction in the business accrued revenue also has its journal entry in the books of accounts.
Service revenue journal entry. The journal entry for services rendered for cash is to debit cash and credit service revenue. Service revenues can arise from rendering services for cash or on account on credit to be collected at a later date. Services rendered is an intangible product but it is still an asset to the company because it is money will be income. For example suppose a business provides web design services and invoices for annual maintenance of 12 000 in advance.
It can be better understood with the help of an example. Typically the accounting journal entry will record services rendered as a credit to the service revenue account and a debit to cash account in the amount to be collected. The recordation of a sales tax liability. The recordation of a reduction in the inventory that has been sold to the customer.
Service revenue journal entries. This journal entry needs to record three events which are. At the end of 12 months all the unearned service revenue unearned will have been taken to the service revenue account earned. A deferred revenue journal entry is needed when a business supplies its services to a customer and the services are invoiced in advance.
In this article we will try and understand the concept of accrued revenue and also the journal entries and the accounting transactions which are related to it. Cash is an asset account hence it is increased by debiting it. A similar situation occurs if cash is received from a customer in advance of the services being provided. This is more fully explained in our revenue received in advance journal entry example.
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