3 10 revenue principle assets reflecting revenues

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Unformatted text preview: Delivers Cash Received Accounts receivable (+A) xxx Revenue (+R) xxx Cash will be collected. 3-10 Revenue Principle Assets reflecting revenues earned but not yet received in cash include . . . CASH TO BE COLLECTED (Owed by customers) and already e arned as REVENUE (Earned when goods or services provided) Interest receivable Interest revenue Rent receivable Rent revenue Royalties receivable Royalty revenue 3-11 Revenue Principle If cash is received before the company delivers goods or services, the liability account UNEARNED REVENUE is recorded. Cash received before revenue is earned ­ Cash Received Cash (+A) xxx Unearned revenue (+L) xxx 3-12...
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This note was uploaded on 01/30/2014 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

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