What type of account is Fees earned?
revenue accountFees earned is a revenue account that appears in the revenue section at the top of the income statement.
It contains the fee revenue earned during a reporting period..
What type of account is service revenue?
Service Revenue is income a company receives for performing a requested activity. The charges for such revenue are recorded under the accrual method of accounting. Accrual accounting records the dollar amounts for a charge when a transaction occurs, not when the cash is actually exchanged.
Is service revenue a liability or asset?
Since the service was performed at the same time as the cash was received, the revenue account Service Revenues is credited, thus increasing its account balance. Accounts Receivable is an asset account and is increased with a debit; Service Revenues is increased with a credit.
What is an income account?
: a financial statement of a business showing the details of revenues, costs, expenses, losses, and profits for a given period.
Is Accounts Receivable a revenue?
Does accounts receivable count as revenue? Accounts receivable is an asset account, not a revenue account. However, under accrual accounting, you record revenue at the same time that you record an account receivable.
Is rent expense an asset?
Under the accrual basis of accounting, if rent is paid in advance (which is frequently the case), it is initially recorded as an asset in the prepaid expenses account, and is then recognized as an expense in the period in which the business occupies the space.