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Inge industries received $3,000 from a customer for services rendered and not previously recorded. inge's general journal entry to record this transaction will be Debit cash, credit Services Revenue.
An account for revenue (or money) is called service revenue. It is the first item in the body of a service business's income statement.
It is significant to highlight that client or customer advanced collections are not yet regarded as service revenue. Only once the services are provided do they constitute a portion of service income.
Services that have already been provided but for which fees have not yet been paid are regarded as service revenue.
This is consistent with accounting's accrual approach. Regardless of when payment is received, service income is recognized when it is earned. When the services are provided or carried out, it is earned.
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