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| *The Commerce Journal>>>Other Taxes |
How to know the accrued revenue? |
just ask quaetion , i need more of Debit the asset account, Credit a revenue You mean accrued receivables? This is when you've completed a job for a customer and have incurred the costs and expenses for the job but you haven't issued the sale invoice to the customer. So to comply with the matching principle, since you've taken up the costs, you have to take up the revenue, even tho' no invoice was raised yet. That's why you have to accrue the receivable and recognise the revenue: Dr Accrued receivables (balance sheet asset) Cr Revenue (income statement) |
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