The revenues account tracks the inflow of net assets that occurs when a business provides goods or services to its customers.
The assets that a business generates through its operations and commercial activities are called revenues. As a result, revenues also comprise the money or receivables that a business receives from the sale of its products or services.
With a credit balance, the revenue account is an equity account. Accordingly, a credit to the revenue T-account raises the account balance.
Types of Revenue Accounts
Revenue accounts come in a wide variety of forms, but they always convey the same fundamental ideas: a corporation receives money or a right to the money in exchange for using or selling its assets. Operating and non-operating revenues, often known as other income, are commonly used to categorize revenues.
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