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How to record a Revenue?

Learn accounting with us today ➡️ https://www.theaccountingstudent.co.uk HOW TO RECORD A REVENUE? Before we look at how to record a revenue. You should first know what a T account is and how to open a T account. You can learn about these two things here    • How to open a T account?   Cash of £350 has been received from B.Finn for this month’s rent. The money received can be identified as rent receivable and therefore we will name the account Rent Receivable. This is also identified as revenue and so we would enter the details on the credit side of the T account. Let’s assume the transaction took place on the 4th June 2016 which can be shown as 4/6/16. Then we will note it as cash in the detail column because that is the name of the other account that has been affected during the transaction. And finally 350 is entered in the £ column. Then yearly interest of £20 was received from the business’s bank. The interest received can be identified as bank interest receivable and therefore we will name the account Bank Interest Receivable. This is also identified as revenue and so we would enter the details on the credit side of the T account. Let’s assume the transaction took place on the 17th June 2016 which can be shown as 17/6/16. Then we will note it as bank in the detail column because that is the name of the other account that has been affected during the transaction. And finally 20 is entered in the £ column. Then at the end of the month, 5% commission was received for selling £1,000 of a particular good. First, we need to workout the actual amount received which is £1,000 x 5% = £50. The money received can be identified as commission receivable and therefore we will name the account Commission Receivable. This is also identified as revenue and so we would enter the details on the credit side of the T account. Let’s assume the transaction took place on the 29th June 2016 which can be shown as 29/6/16. Then we will note it as bank in the detail column because that is the name of the other account that has been affected during the transaction. And finally 50 is entered in the £ column. This video will help you with questions such as what is the journal entry for revenue, how do you account for revenue, how do you record sales and revenue, how is revenue recorded on balance sheet, how to record a revenue in accounting, how to record a revenue for a business, how to record revenue journal entry, revenue recognition journal entry, unearned revenue, accrued revenue journal entry, deferred revenue, revenue recognition examples, how to record revenue in accounting, how to record income in accounting. MUSIC CREDIT ‪@benfrydrums‬ DISCLAIMER Our content is to be used as an EDUCATIONAL TOOL that aims to provide a foundation for individuals to learn financial accounting, management accounting and bookkeeping topics as practiced in the United Kingdom. As a result, not all complexities are shown or provided. Examples may include but are not limited to; differences between financial reporting, accounting standards or tax treatments. We are NOT ENGAGED in the providing of accounting, bookkeeping, financial, investment, tax, or other professional services. You should consult with a qualified or professional such as an accountant, business advisor, investment specialist, lawyer, solicitor, etc., with regards to specific facts and situations. #recordarevenue #doubleentryrevenue #doubleentry