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2 years ago

When cash is received from sales, the change in the owner’s equity is usually recorded.

1 answer:

5 0

<u>The change in the owner's equity</u> is often documented in a separate revenue account when cash is received from sales.

<h3><u>What Is Revenue?</u></h3>

Revenue, which is determined by multiplying the average sales price by the number of units sold, is the money made from routine business operations. It is the top-line (or gross income) figure from which costs are deducted to calculate net income. On the income statement, revenue is referred to as sales.

Revenue is the money that a business generates via its operations. Depending on the accounting method used, there are various methods for calculating revenue. Sales made on credit will be included in revenue for products or services delivered to the client in accrual accounting. Revenue may be recognized in accordance with certain regulations even though payment has not yet been made.

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A(n) is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item

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<h3>What is the Accounting Equation?</h3>

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