What counts as revenue?
Question:
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Acquired cash from stock issue $50,000
Rent paid for 2/1/2004 to 2/1/2005 6,000
Paid in advance for services over period 9/1/04 to 9/1/05 4,800
Performed services on account 65,200
Operating expenses 31,500
Accounts receivable collected 56,900
Paid cash for salaries 22,000
Paid accounts payable 28,000
Made adjusting entry for expired rent?
Recognized revenue for event 3?
Recorded accrued salaries$2,100
Answer:
Your qn is a bit confusing. Are there 1 or 2 parts? Why is there a gap in between? From the 1st lot, the only revenue item is :
Performed services on account 65,200. You'd:
Dr A/cs receivable $65,200
Cr Services revenue $65,200
If the 2nd part is also part of your qn, then I guess Recognized revenue for event 3 would be a revenue item altho' I'm not sure what event 3 is.
Performed services on account 65,200
Recognized revenue for event 3
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