Westonci.ca connects you with experts who provide insightful answers to your questions. Join us today and start learning! Experience the convenience of getting accurate answers to your questions from a dedicated community of professionals. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.
Sagot :
The correct answer is to debit Cash (an asset) for $1,000 as the company now has the cash and credit Deferred Revenue (a liability) for $1,000 as the company now has an obligation to provide services in the future.
What is Revenue?
The total amount of income earned by the sale of goods and services connected to the principal operations of the firm is referred to as revenue in accounting. Commercial revenue is often known as sales or turnover. Some businesses make money by charging interest, royalties, or other fees.
The overall cost of making and distributing a product or service to consumers is referred to as the cost of revenue. The cost of revenue is disclosed in a company's income statement. It is intended to show the direct costs related with the goods and services offered by the company.
To know more about Revenuefollow the link:
https://brainly.com/question/16232387
#SPJ4
We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.
